On Wednesday, Bitcoin Cash prices surged 60% in 24 hours of trading to become the fourth-largest cryptocurrency behind Bitcoin, Ethereum, and Ripple.
Bitcoin Cash prices topped $375.00 and reached a market capitalization of $6.21 billion. The surge comes a day after Bitcoin experienced a hard fork that led to the introduction of the new coin by miners.
With the split, possible lawsuits are emerging. An activist group of investors argue that Coinbase has been withholding capital from investors and said they will file a class-action lawsuit if the firm doesn't release Bitcoin Cash to holders.
Here's a recap of cryptocurrency prices as of 3 p.m. EDT…
Bitcoin: $2,748.00, +0.29%
Ethereum: $223.51, -0.63%
Ripple: $0.175, +0.73%
Bitcoin Cash: $376.84, +60.8%
Litecoin: $42.60, -0.47%
Dash: $184.09, +0.1%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Bitcoin Prices Today: Bitcoin's Hard Fork
Bitcoin prices were up slightly on a day that has seen trading volumes top $1.15 billion.
What Is Bitcoin?
Prices were reacting negatively to comments made Wednesday by New York University professor Aswath Damodaran.
The professor said that the cryptocurrency hasn't proven its usability as an asset in its history. He also argued that Bitcoin may be a "dangerous pricing game" unless it establishes itself as a reliable way to engage in global transactions.
Some prominent critics of Bitcoin have compared it to Tulipmania from more than 400 years ago.
Bitcoin Cash Rallies 60% in 24 Hours
Bitcoin Cash prices jumped 60% on a day of heavy trading volumes. Roughly $350 million in Bitcoin Cash exchanged hands Wednesday, one day after the new currency arrived on the market.
That said, prices did jump as high as 200% to $700 dollars earlier in the trading session.
Ethereum Prices Drop 2%
Ethereum prices were largely flat on the day. The second-largest cryptocurrency by market cap traded at $223.51 on Wednesday afternoon. Its market capitalization is now less than half of Bitcoin's.
Ripple Prices Flat After the Bitcoin Fork
Ripple prices were flat as Bitcoin Cash ruled the day.
Litecoin Prices Flat on the Day
Litecoin prices were also largely flat today.
On Tuesday, Litecoin CEO Charlie Lee dismissed any concerns about the introduction of Bitcoin Cash. "I don't see it really as a threat to Litecoin, and it's causing more confusion to Bitcoin than anything," Lee told CNBC.
Lee went on to tout Litecoin's lower transaction fees and quicker payment turnover.
Dash Prices Flat as Currency Falls to Eighth Place in Size
NEM and Ethereum Classic have now surpassed Dash in market capitalization in the last week. The introduction of Bitcoin Cash has helped to bump Dash from fifth place to eighth place as August trading kicks into gear.
Dash prices were flat and largely in line with Bitcoin's performance on Wednesday.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.