By
Chimamanda U. Martha
April 25th, 2024
The price of Bitcoin is hovering at a record high, following a surge over the weekend, while Bitcoin Cash price more or less leveled off.
Bitcoin price hits all-time high of $3384, according to the CoinMarketCap’s Bitcoin Price Index and it’s not about to drop. As a result the total cryptocurrency market capitalization tops $117 billion. The Bitcoin percentage of total market capitalization (dominance) is 47%.
The market advance began after 01:00 UTC on August 5th, when the price of bitcoin climbed above $2,900, as market data shows. Then it followed a rally for the cryptocurrency on Saturday that saw it break through $3,200 per coin for the first time ever. The price advance also pushed bitcoin’s collective market capitalization past the $55B mark for the first time and motivated market volumes jump along with the price.
Meanwhile, cross-exchange data shows that during the last two days Bitcoin’s alter-ego Bitcoin Cash (BCC or BCH on some exchanges), that was split-off from Bitcoin at the start of the month, is achieving a modest correction to its huge price decline seen last week.
Money From Thin Air?
As said by Bitcoin Cash news, after the Bitcoin split, crypto enthusiasts received and perfectly seized the opportunity to make money from thin air. Already on August 2nd token owners gained free access to BCC. At Ofir Beigel’s blog 99bitcoins there even originated a manual with detailed scheme which absolutely nicely describes how to obtain Bitcoin’s twin brother. No marvel, that Saturday saw strange burst of activity – 16,482,925 coins, arose from nowhere, were massively traded.
After the Bitcoin Cash soared up to $1300 at Bittrex the next day after Bitcoin split, making it the third largest cryptocurrency by capitalization, the token’s price more or less leveled off and constitutes at a press time $272,45, according to the CoinMarketCap’s Bitcoin Cash Price Index
For context, most leading Chinese exchanges haven’t adopted the “Bit-pair”, still there are some, who have, but no trading is conducted yet. In such a way, Bittrex is still the most active seller operating around 30 per cent of the Bitcash currency.
What Bitcoin Cash Owners Should be Waiting For?
Despite Bitcoin Cash has some apparent advantages over its “parent currency”, it cannot boast of its glittering and certain future. It is unknown, whether miners are going to support the currency with such a low rate and whether some steps for its adoption and promotion will be done. It is likely that Bitcash shouldn’t count on support as long as Bitcoin faces no major challenges with transactions. It took 3 years for Bitcoin to become known to not only geeks, and 8 years to hit all-time high.
“Cryptocurrencies are not required to behave according to the same rules as standard currencies, and even the original one, Bitcoin, still has plenty of room left for evolution. Whether the Bitcoin fork is a success or merely an experiment, observing its issuance in the market advances cryptoeconomic knowledge and will likely improve resiliency for the whole sector in the long run. The only rule that will still hold true is that any currency only has value to the extent that people think it has value,” commented Jason English, VP of Protocol Marketing at Sweetbridge, the blockchain alliance for a liquid supply chain.
Nobody knows what place Bitcoin Cash will take in this world, the only thing we should be sure about is that time will definitely show.