Following the launch of the new cryptocurrency BitcoinCash from the Blockchain hard fork, digital currency front runners rose up to their former glory on Thursday following a stabilization in Bitcoin prices since the market volatility led to some heavy selling.
The price of a single Bitcoin dropped to $2723.58 at the face of Bitcoin Cash (BCC) launch again resurfaced with an impressive $2767.35 on Thursday.
Mid June registered high figures crossing the $3000 mark whereas July 16 experienced a major low below $2000. Thus its present level which is 150% higher than the yearly average can be termed as quite satisfactory.
Bitcoin Cash on the other hand had a pretty decent start with more than double transaction volume within just first 24 hours of opening its trading window. However it could not maintain its dreama run and tumbled down by 30% to $439.36. But with its first hour’s performance it has achieved a 15% higher slot this week.
According to analysts the comparative illiquidity of Bitcoin cash has aggravated the size of this nascent cryptocurrency form. Thursday registered a cumulative trading of $424.9 million of Bitcoin Cash which is even less than half of the original Bitcoin figure.
As soon as the first Block of BitcoinCash was mined and was officially launched, the new cryptocurrency jumped from number 699 to number 3 in terms of makret capitalization.
In spite of such backlashes, Bitcoin Cash remains to hold tremendous potential in the world of digital currency. With a market capitalization of $7.18 billion, this nascent currency is third in line behind the original Bitcoin (BTC) and Ethereum both having market capitalization of $45.4 billion and $21.3 billion respectively.
Also Read: List of Exchanges and Wallets Accepting BitcoinCash
The price tag of Ethereum encountered a positive inertia of 3.1% on Thursday shooting it up to $227.05. Although it is still 40% down in comparison to its all time high June figures, it has managed to recover approximately 45% since its July 16th heartbreak of a painstaking $157.
Encashing on the cumulative gains of the original cryptocurrency forms, the entire market capitalization rate crossed the $100 billion mark closing at $101.89 billion
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