Bitcoin Cash hits new record; crypto market past $600 billion

The forked coin, Bitcoin Cash is the latest crypto currency to be benefiting from the shift in investor sentiment. It was not the same for the largest crypto currency Bitcoin which slumped more than $2000 in the last 24 hours.

Bitcoin Cash picked up on Wednesday and surged past $3,000 to record its all-time high $3782.70 at 01:49 UTC, according to the website. In the last 24 hours, the digital currency has appreciated by 47.72 percent. The other forked coin, Bitcoin Gold too registered gains of 30 percent over the previous 24 hours.

Industry experts are pointing different variables for the surge in the price of Bitcoin Cash. Some say it is the slow transaction times and high fees of Bitcoin that has worked in favor of the forked currency while others have blamed it on the speculation that has made investors anxious about Bitcoin. Some experts point that Bitcoin Cash has been invested on as a hedge against Bitcoin.

Read: Bitcoin: What’s ahead for 2018?

The digital currency is similar to Bitcoin in several aspects. However, it has more capacity to process transactions. It is the third most valuable crypto currency with a market capitalization of over $58 billion.

All this while, the total market cap of the crypto market has crossed $600 billion mark, despite most top 10 currencies experiencing a slump in the last 24 hours. Bitcoin has depreciated by 11.22 percent during the previous 24 hours and is currently trading at $16886, whereas the second largest crypto currency Ethereum has depreciated by 6 percent in the last 24 hours, and is now hovering just below $800 mark.

The price of Ethereum has touched high earlier this week, so have the values of Litecoin, Ripple, NEO, ETC, and IOTA. Dash is another digital currency that is holding up well amid the irregularities in the crypto market.


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