Category Archives: Bitcoin
Bitcoin About To Burst – Seeking Alpha
Bitcoin (Pending:COIN) (OTCQX:GBTC) was in a bubble in late 2013. And again in 2017. Actually this year, there have been bubbles within bubbles, with the March to June parabolic rally followed by another +100% rise from July to August.
Where does it end?
Well, I read today it was going to the moon, which is interesting as I am coming to the exact opposite conclusion.
I think Bitcoin has either topped or will top on the next high in the $4,400s.
Here's why.
There's been no shortage of top callers this year and they have added fuel to the fire. However, I imagine most have given up after the move above $4,000.
Worse still, from what I see, a few are trying to buy this 10% dip for another high. When bears get greedy and try to speculate on one more high, it is a massive red flag for the rally.
I would like to point I have not been a bear or tried to call a top. Far from it; my June article, Bitcoin - We've Seen This Bubble Before (And It's Bullish), contained a target of >$4,000 and this chart:
The exact target was $4,347, but the main takeaway was to expect a blow-off move higher, which I think we can all agree we just had. $4,480 was the all-time high made last week, and the weekly candle from this point shows indecision and a lack of demand.
One of the reasons for the call higher was the observation Bitcoin has been in a bubble before - in 2012 to 2014 - and the 2017 rally was taking a comparable trajectory. Here is an updated chart:
The rallies aren't a perfect copy, but the stages of the trend and the accompanying sentiment are comparable.
Sentiment and how price moves are the most important factors of my analysis. I'm not analyzing the fundamentals as I don't believe fundamentals are responsible for the huge gains in 2017.
Here is what I said last time out:
The way price moves is a reflection of changing fundamentals, sentiment and positioning. We know what participants have done in the past under certain conditions and we know what they are doing now. We can't know for certain what people will do in the future, but participants and the decisions they make are fairly consistent; they respond in similar ways under similar conditions. It allows us to make an educated guess.
So my educated guess now is that Bitcoin is topping. The bubble callers in June were right about many things, but painfully early. Cryptocurrencies have proliferated and drawn in many inexperienced traders at inflated traders. I see brokers promoting cryptos all over the web.
Source: eToro
I think the only thing missing from the equation was the blow-off move to really spark the mania phase and flush out the bears. But now we've had it.
When bubbles pop, the usual reaction is for price to give up 80-90% of the gains and never fully recover. But Bitcoin is not "usual".
For a start, the way it recovered from the 2012-2014 bubble to form yet another one brings into doubt if these were indeed bubbles in the first place.
And the price movements echo a related instrument, gold (GLD), which rallied in comparable moves (or bubbles) over a much longer time period.
OK, so Bitcoin made the same moves in a tenth of the time, but the timing doesn't really bother me too much. It is actually pretty logical that cryptocurrencies move a lot faster than gold did back in the 1980s. And anyway, I'm more interested in the reaction in gold from the 2011 highs and if it can act as a guide.
Zooming into the way gold topped, there are again some similarities.
I distinctly remember traders (and even gold bears) buying gold for one more high as the pattern near the 2011 highs looked like a bullish triangle consolidation. That didn't turn out too well, and Bitcoin has a very similar pattern and associated sentiment.
Whether or not the comparison continues on the lower time frames remains to be seen, but I still think the general path of the gold decline from 2011 to 2015 could act as a decent guide. There could be a sharp drop, but importantly gold tells us not to expect a crash; cryptocurrencies are here to stay.
Over its four-year decline, gold worked its way to the last major consolidation area at $1,030 (March 2008-October 2009). A proportional move in Bitcoin targets the $2,800-2,900 consolidation range highs in a lot less time (more like 5 months than 50). The 38.2% Fibonacci retrace of the entire 2015 to 2017 rally comes in at $2,800, and this is a standard retrace for a powerful rally and therefore my target.
Based on evidence of trading patterns in gold and Bitcoin itself, plus all the usual telltale signs of a bubble, I think Bitcoin is in the process of topping and will soon fall back to $2,800-2,900.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: I would short a move to $4300 using a spreadbet on prices with my UK broker.
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Bitcoin About To Burst - Seeking Alpha
A Bitcoin Law for Every State? Interest and Animosity Greet Model US Regulation – CoinDesk
A two-year effort to unify cryptocurrency business regulations across the U.S. has concluded now, the technology's enthusiastsjust have to convince legislators to enact it.
Established in 1982, the Uniform Law Commission (ULC) is a non-profit association made up of 350 commissioners. All are lawyers by trade, and theirgoal isto draft legislation that brings clarity to areas where state law is creating instability.
Given the onerous regulatory regimes that have so far been enacted for cryptocurrencies, it may be no surprise that the ULC has taken an interest in the area. Since the group began its work in 2014, attempts by states to regulate the tech have attracted everything from public boycotts to criticism and petitionsto ongoing lawsuits.
But with the ULC's work now concluded, some industry observers are optimistic this narrative could see a much-needed reversal.
Stephen Middlebrook, an attorney with Womble Carlyle who served as the American Bar Association advisor to the ULC during its drafting process, expects several states to introduce itsUniform Regulation of Virtual Currency Businesses Actin upcoming legislative sessions around the country.
Middlebrook told CoinDesk:
"It's my understanding that legislators in several states who were interested in legislating in this area held off waiting for the Uniform Act. So, I think there's sort of a built up demand for it."
Others involved with the work agree.
Sarah Jane Hughes, who served as reporter for the ULC committee, said Texas and California which were involved in the drafting process would likely be early adopters.
"We believe that there are a number of states that have been holding back their own regulatory and legislative approaches in order to wait for this," she said.
The Uniform Act seeks to spell out which virtual currency-related activitiesare and are not considered money transmission, and therefore require licensure. It furtherdefines foundational conceptssuch as the "custody" of crypto assets.
One of the more innovative itemsthe bill seeks to put into law is a three-tier licensing structure that offers full exemptions for individuals and small entities, createsa regulatory sandbox for startups andgrants full licensure status for larger virtual currency businesses.
And legislators seem keen to continue engaging and working with the nascent industry.
Matt Dababneh, a member of the California state assembly who hasintroducedvirtual currency legislation in the past, told CoinDeskhe is considering the Uniform Act, explaining:
"I have been monitoring the growth and progression of virtual currency and how it impacts our economy. I am still reviewing all of the recommendations put forth in the [Uniform]Act. I will continue to be engaged in this issue as virtual currency becomes a more prominent payment option for businesses throughout the state."
With all this optimism, though, there's still an uphill battle ahead.
According to Carol Van Cleef, a fintechattorney with BakerHostetler, getting the law passed in any single state, much less all 50, will be a challenge. And there's history to prove it.
About 17 years ago, a uniform money transmitter statute was circulated, with the idea that money transmitters would only need to receive a license from one state, which could then be used as a passport to operate in other states, said Van Cleef.
"As of today, I think approximately 10 states have adopted that. So, we're not going to see this as a real panacea, or think that were resolving the state money transmitter issue," she said at a conference last month in Washington, D.C.
Complicating matters further, a segment of the virtual currency community remains stridently opposed to the Uniform Act on the grounds it too closely resembles New Yorks "BitLicense" regulation, which they claim has chased fintech innovators out of the state.
The Bitcoin Foundation, a non-profit of waning influence in the industry, has urged the National Council of State Legislatures (NCLS), a group that represents state legislators and staff, to direct its members to reject the bill.
Writing to the NCLS, the foundation's executive director Llew Claasen warned:
"Adopting a model act with the characteristics of the New York regulation is sure to threaten the existence of the fintech industry nationwide."
And theremight be merit in these ideas.
Given the fast-moving nature of cryptocurrencies and related technologies, laws like the BitLicense have shown a propensity to quickly become dated.
Since the law was drawn up in 2014, two separate movements have sprung out of the tech:bank-focused private blockchains and initial coin offerings both of which haven't been addressedon the state level.
Still, Middlebrook advocated for a balance here, as both regulators and innovators seek to find a middle ground that can perhaps only be found with time.
He concluded:
"The choice really is whether it's going to be regulated using statutes and regulatory schemes that were designed for other things that dont really mesh well with virtual currency, or whether a regulatory scheme is going to be something specifically designed for businesses operating in this area."
U.S. dollar puzzleimage via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [emailprotected].
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A Bitcoin Law for Every State? Interest and Animosity Greet Model US Regulation - CoinDesk
Take Two: Bitcoin Miner BTCS Announces New Merger Deal – CoinDesk
The publicly traded bitcoin miner BTCS is moving toward a new merger, public records reveal.
New filings with the US Securities and Exchange Commission (SEC) show that BTCS has signed a non-binding letter of intent with Blockchain Global Limited. Blockchain Global, according to the filings, operates a bitcoin mine out of China and also runs an Australian bitcoin exchange called AXC.io.
The firm also invests in other companies in the bitcoin and blockchain space, perhaps most notably the publicly-traded DigitalX. Earlier this year, Blockchain Global notably invested in DigitalX through a convertible loan denominated in bitcoin.
The merger effort is the second for BTCS, which moved to merge with bitcoin miner Spondoolies-Tech back in 2015. Yet despite being cleared by a key regulator in Israel, where Spondoolies was based, the deal ultimately fell apart after an Israeli court dissolved the firm amid financial problems.
It also comes as BTCS looks to shore up its financial position, having raised $1 million earlier this year in a bid to stem the tide of losses. Issues aside, representatives for both BTCS and Blockchain Global struck positive notes in statements announcing the deal.
"The blockchain space continues to suffer from a talent void. Together with BCG, and their track record of success, were positioning ourselves to fill this talent void, ultimately capitalizing on the immense opportunity in blockchain technologies and leveraging our early-mover advantage," Charles Allen, CEO of BTCS, said of the planned merger.
Puzzle piece image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
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Take Two: Bitcoin Miner BTCS Announces New Merger Deal - CoinDesk
Bitcoin-accepting shops leave cookie trail that crumbles anonymity – The Register
Bitcoin transactions might be anonymous, but on the Internet, its users aren't and according to research out of Princeton University, linking the two together is trivial on the modern, much-tracked Internet.
In fact, linking a user's cookies to their Bitcoin transactions is so straightforward, it's almost surprising it took this long for a paper like this to be published.
The paper sees privacy researcher Dillon Reisman and Princeton's Steven Goldfeder, Harry Kalodner and Arvind Narayanan demonstrate just how straightforward it can be to link cookies to cryptocurrency transactions:
Sorry Alice: we know who you are. Image: Arxiv paper.
Only small amounts of transaction information need to leak, they write, in order for Alice to be associated with her Bitcoin transactions. It's possible to infer the identity of users if they use privacy-protecting services like CoinJoin, a protocol designed to make Bitcoin transactions more anonymous. The protocol aims is to make it impossible to infer which inputs and outputs belong to each other.
Of 130 online merchants that accept Bitcoin, the researchers say, 53 leak payment information to 40 third parties, most frequently from shopping cart pages, and most of these on purpose (for advertising, analytics and the like).
Worse, many merchant websites have far more serious (and likely unintentional) information leaks that directly reveal the exact transaction on the blockchain to dozens of trackers.
Of the 130 sites the researchers checked:
It doesn't help that even for someone running tracking protection, a substantial amount of personal information was passed around by the sites examined in the study.
A total of 49 merchants shared users' identifying information, and 38 shared that even if the user tries to stop them with tracking protection.
Users have very little protection against all this, the paper says: the danger is created by pervasive tracking, and it's down to merchants to give users better privacy.
Since, as they write, most of the privacy-breaching data flows we identify are intentional, that seems a forlorn hope.
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Bitcoin-accepting shops leave cookie trail that crumbles anonymity - The Register
Bitcoin Trades Sideways as Bitcoin Cash Price Drops to $800 – CoinDesk
Following the all-time highs set over the last week, bitcoin has been trading sideways for the last 48 hours, and prices are fluctuating in the $4,050 to $4,200 range.
Prices for the assetacross global exchanges averaged$4,109 at press time, having opened the session at $4,206 and achieved a high of $4,208 at roughly 8:00 UTC, according to CoinDesk's Bitcoin Price Index.
The question everyone will be wondering now is, will the price go up or down when the next big movement kicks off? For that we'll just have to wait and see, but a Goldman Sachs analyst said, on August 14,that bitcoin could riseas high as $4,800 in the current bull market.
Elsewhere, the new bitcoin alternative, bitcoin cash, shocked observersbriefly yesterday by settingits own all-time high of around $1,091, according to data from CoinMarketCap.
Since being created in a fork of the bitcoin blockchain on August 1, prices had been for the greater part steady around$300. However, a breakout on August 17 saw enthusiastic trading atSouth Korea exchanges, in particular that tookthe digital asset to its previously unseen heights.
In the hours since, bitcoin cash prices have dropped somewhat and nowhover close to the $800 mark.
Overall, the market is still trending up, with the market capitalization across all cryptocurrencies currently at $146 billion down slightly fromarecord high of $147.2 billion set at around 8:00 UTC this morning.
Trading chartimage via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
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Bitcoin Trades Sideways as Bitcoin Cash Price Drops to $800 - CoinDesk
10 Bitcoin Wallet Apps You Should Consider Using Today – HuffPost
If youre into the future of digital payment, youve probably already heard of the cryptocurrency, Bitcoin. While Bitcoin is now incredibly difficult to mine, its relatively easy to buy Bitcoins with traditional currency. For anyone wanting to begin their foray into this form of peer-to-peer transaction, which offers anonymity while simultaneously cutting out banks and other traditional third party financial entities, the first step is getting a Bitcoin wallet.
Bitcoins are stored in a digital wallet, stored in the cloud or on your personal computer, which act like a bank account, letting you pay or exchange Bitcoins. Imagine a virtual bank account that allows users to send or receive Bitcoin, or pay for goods from merchants that accept Bitcoin.
Below are eight great options for Bitcoin Wallets, along with two additional helpful apps to get you started, and you can download any of them here on Softonic.
1. Mycelium Bitcoin Wallet
Mycellium is one of the best Bitcoin wallets out there. With this app you can easily send and receive Bitcoins using your mobile device. It allows for cold-storage integrations with hardware Bitcoin wallets like Trezor or KeepKey, and has a unique feature to help manage your private keys as well as a secret number that allows Bitcoins to be spent.
2. Copay
Ever got confused about private keys? Thats where Copay comes in. This open source, multi-signature wallet from BitPay can help you have greater control over your private keys. This multi-signature technology allows Bitcoin wallets to be controlled by multiple private keys and users. Authorization for each transaction can require one, some, or all of these private keys.
3. Coinbase
By far, Coinbase is one of the most popular Bitcoin exchange services used globally. Merchants and consumers can transact with a variety of digital currencies including Bitcoin, Ethereum, and Litecoin.
4. BreadWallet
Breadwallet is another open source and user-friendly wallet, perfect for beginners. Their core design principle is easy and intuitive software, so its a great option for those just starting out with Bitcoin.
5. Airbitz
If youre looking for something that will guarantee a little more privacy then have a look at Airbitz. The unique feature about Airbitz is that it is a completely decentralized wallet. What this means is that neither the company behind it nor any third-party can access your money or data. For those looking for best option in security and anonymity, this may be the wallet for you.
6. Bitcoin Wallet
Bitcoin Wallet is the first mobile Bitcoin app. Designed to make Bitcoin easy to use at a time when these types of apps were limited, its a simple design without all the bells and whistles of newer apps. You can quickly pay by scanning the QR code, which is a big plus.
7. GreenBits
GreenBits has a little bit of everything for everyone. Its a fast and easy to use wallet with multi-signature features and has strong security and privacy features as well.
8. Samourai Wallet
The new kid on the block, Samourai Wallet claims to be the most private and anonymous wallet available, featuring military grade encryption. It is currently available through an alpha release on Android.
Once youve chosen a wallet, its time to buy, convert, and spend your Bitcoin. While Bitcoin is now accepted by over 100,000 merchants worldwide, it still takes some maneuvering to use. In addition, Bitcoin values are extremely volatile and fluctuate daily, so its a good idea to keep an eye on how much your Bitcoin is worth on the open market before you buy, sell, or convert them.
9. Bitpay
Bitpay helps users accept Bitcoins for their business, store them, or convert and spend them as dollars using the BitPay card feature. Its an easy way to manage your Bitcoin finances and transactions, much like a regular checking account would.
10. Bitcoin Checker
If you have enough Bitcoin lying around, you may want to monitor the value of your Bitcoin. Bitcoin values are fluid and just like the stock prices, they can go up and down. Thats where Bitcoin Checker will come in handy. This app will help monitor the major cryptocurrencies from more than 80 stock exchanges worldwide. This gives you a wide range of Bitcoin to monitor.
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10 Bitcoin Wallet Apps You Should Consider Using Today - HuffPost
‘Bitcoin cash’ surges 40% in single day as investors bet on its faster processing speeds – CNBC
The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.
Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash.
However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap.
On Wednesday morning, bitcoin cash "miners" successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin's one megabyte. Blocks are part of the blockchain technology behind digital currencies like bitcoin that limit transaction speeds.
Bitcoin cash (Aug. 1 - 18)
Source: CoinMarketCap
The eight megabyte block "has proven that bitcoin cash is working," said Charlie Hayter, CEO of digital currency information website CryptoCompare.
He added that gains in bitcoin cash's price made it more profitable and easier for miners to mine bitcoin cash versus bitcoin, contributing to further gains in the offshoot currency's price.
Investors in bitcoin at the time of the Aug. 1 split should have received equal amounts of bitcoin cash.
The original bitcoin traded 2 percent lower Friday near $4,220 after hitting an all-time high of $4,522.13 Thursday, according to CoinDesk. At Friday's prices, bitcoin had a market value of about $70 billion and remained more than four times higher for the year.
Another digital currency, ethereum, traded 3 percent lower near $292, according to CoinDesk. Ethereum has the second-largest market capitalization among cryptocurrencies at $28 billion, according to CoinMarketCap.
With Friday's gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.
CNBC's Arjun Kharpal contributed to this report.
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'Bitcoin cash' surges 40% in single day as investors bet on its faster processing speeds - CNBC
‘Bitcoin cash’ soars to record high above $900 as ‘mining’ profits jump – CNBC
The bitcoin offshoot surged Saturday to a record high in high trade volume, helped by strong demand from South Korea and digital currency "miners" who found the offshoot more profitable to mine.
Bitcoin cash, an alternative version of bitcoin launched by a minority of developers on Aug. 1, climbed 44 percent to $996.92, according to CoinMarketCap. That's the highest bitcoin cash has ever traded in its less than three weeks of history, and a jump of almost 374 percent from its low of $210.38 on its first day of trading.
Bitcoin cash traded off that high at $944.45 in mid-morning trade, still less than a quarter of the original bitcoin's price.
Bitcoin cash seven-day performance and trade volume
Source: CoinMarketCap
After stagnating interest in the first two weeks of its existence, the bitcoin offshoot began climbing late last week after digital currency "miners" on Wednesday mined an eight megabyte bitcoin cash block. That demonstrated bitcoin cash could fulfill its promise of faster transaction speeds, which is determined by block size. The original bitcoin has a one megabyte block size and is set for an upgrade to a two megabyte block this fall.
The gains in bitcoin cash's price and built-in protocols that gradually reduce the difficulty of mining the digital currency have made the offshoot more attractive to miners. Bitcoin cash is now 69 percent more profitable to mine than the original bitcoin, according to data analysis from Coin Dance.
Digital currency miners often switch their mining power among different currencies depending on their relative profitability.
Relative profitability of bitcoin cash vs. bitcoin
Source: Coin Dance
Bitcoin cash's 24-hour trade volume of nearly $4.4 billion topped bitcoin's roughly $3.4 billion and that of another digital currency, ethereum, at $918 million, according to CoinMarketCap.
South Korean exchanges Bithumb, Coinone and Korbit dominated trade activity, with Bithumb alone accounting for $1.7 billion of trade volume, CoinMarketCap data showed. At the overnight peak, trade in the South Korean won contributed to nearly half of bitcoin cash trade volume, according to CryptoCompare. Trade in won for the original bitcoin accounted for only 10.5 percent, the site showed.
Investors in bitcoin at the time of the Aug. 1 split into bitcoin and bitcoin cash should have received an equivalent amount of the bitcoin offshoot. However, major digital currency storage and exchange site Coinbase plans to add support by Jan 1, 2018, after initially saying it would not support the alternative digital currency.
The original bitcoin traded about 0.6 percent lower near $4,133 after hitting a record high of $4,522.13 Thursday, according to Coin Desk. Bitcoin has more than quadrupled in value this year.
Ethereum, traded 2 percent lower to $290.01, still up more than 3,000 percent this year, according to CoinDesk.
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'Bitcoin cash' soars to record high above $900 as 'mining' profits jump - CNBC
Photos: Inside one of the world’s largest bitcoin mines – Quartz
One of the worlds largest bitcoin mines is located in the SanShangLiang industrial park on the outskirts of the city of Ordos, in Inner Mongolia, an autonomous region thats part of China. Its 400 miles from Chinas capital, Beijing, and 35 miles from the the city of Baotou. The mine is just off the highway, near the intersection of Latitutde 3rd Road and Longitude 3rd Road. It sits amidst abandoned, half-built factoriesvictims of an earlier coal mining boom that fizzled out, leaving Ordos and its outlying areas littered with the shells of unfinished buildings.
The mine belongs to Bitmain, a Beijing-based company that also makes mining machines that perform billions of calculations per second to try and crack the cryptographic puzzle that yields new bitcoins. Fifty Bitmain staff, many of them local to Ordos, watch over eight buildings crammed with 25,000 machines that are cranking through calculations 24 hours a day. One of the buildings is devoted to mining litecoin, an ascendant cryptocurrency. The staff live on-site in a building with a dormitory, offices, a canteen, and a repair center. For recreation, they play basketball on an unfinished cement court.
Bitcoin mining consumes enormous amounts of electricity, which is why miners seek out locations that offer cheap energy. The Ordos mine was set up in 2014, making it Chinas oldest large-scale bitcoin mining facility. Bitmain acquired it in 2015. Its powered by electricity from coal-fired power plants. Its daily electricity bill amounts to $39,000. Bitmain also operates other mines in Chinas remote areas, like the mountainous Yunnan province in the south and the autonomous region of Xinjiang in the east.
Despite the costs, bitcoin mining remains a lucrative industry. At the current bitcoin price of about $4,000 per bitcoin, miners compete for over $7 million in new bitcoins a day. The more processing power a mining operation controls, the higher its chances of winning a chunk of those millions. The Ordos mine accounts for over 4% of the processing power on the bitcoin networka huge amount for a single facility.
Quartz visited the mine in Ordos on Aug. 11.
Read next: The lives of bitcoin miners digging for digital gold in Inner Mongolia
Read next: Take a 360 walk around one of the worlds biggest bitcoin mines
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Photos: Inside one of the world's largest bitcoin mines - Quartz
Bitcoin Cash Breaks Price Doldrums to Push Past $400 – CoinDesk
Bitcoin Cash's price rose above the $400 mark today, breaking the rangebound market trend of thepast several days.
The cryptocurrency climbed as high as $406 today, according to data fromCoinMarketCap. The move followed days of steadymarketfluctuations, with the price of Bitcoin Cash trading no more than a few dollars above or below the $300 level.
The largest Bitcoin Cash market by-volume is Bithumb, which accounts for roughly 30 percent of the global trade through its Korean won-Bitcoin Cash trading pair, CoinMarketCap figures show. The exchange reports more than $145 million in volume over the past 24 hours.
At press time, Bitcoin Cash is trading at about $391 onBithumb.
As previously reported by CoinDesk, Bitcoin Cash split off from the main bitcoin blockchain earlier this month when a group of miners and developers moved to adopt software, with new network rules, that was incompatible with the rest of the network. The result: bitcoin "forked" into two distinctblockchains with their own freely-traded digital assets.
Today's upward price action comes just hours after bitcoin reached a new all-time high above$4,500.
Rollercoaster image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [emailprotected].
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Bitcoin Cash Breaks Price Doldrums to Push Past $400 - CoinDesk