The price of Bitcoin Cash rose by over 20 percent within a 24-hour period, increasing from $400 to $522 on October 29. Several other major cryptocurrencies such as Ethereum’s native currency Ether saw a wealthy time, as the price of Ether surged by 6 percent, confirms CCN.
Investors in Cash finally have some reasons to be happy!
Since its launch in August, Bitcoin Cash has seen its value dipping more and more, even below $320 at one point. But a daily gain of $122, from $400 to $522, has made the cryptocurrency gain some trust among its users. However, it has endured a slight correction since reaching its peak and has stabilized at around $460.
For now, more than 50 percent of global BCH trades are concentrated in one exchange, Bithumb, South Korea’s largest cryptocurrency exchange. Add Coinone and Korbit and you’ll level up over 65 percent of the global BCH trades. What does this mean? Well, it translates into the fact that Bithumb has been an important factor in the growth rate of Bitcoin Cash, with a high demand for the cryptocurrency on the South Korean market.
So, Bithumb’s users, traders, and investors are responsible for BCH’s monthly peak. The second largest cryptocurrency exchange in the world, Bithumb offers such sweet deals. In less than five days since the integration of Qtum, Bithumb became the largest Qtum exchange market with around 51 percent in market share. The exchange says that it will continue to support cryptocurrencies that come up with innovative ideas.
Ethereum surpasses the $300 mark, but for how long this will last?
In other news, the price of Ether has finally recovered beyond the $300 mark, increasing from $297 to $307. A nice major daily gain, despite Bitcoin’s struggle to rebound back to $5,900. Usually, the two tend to correlate their improvements on the market.
Earlier this week, Blockchain integrated Ethereum, enabling its users to send, receive, and store Ether.