Bitcoin Cash Prices Today Surge 50%, but a Potential Spam Attack Raises Questions

Garrett Baldwin

Bitcoin Cash prices today climbed 50% as digital currency investors cheered the mining of the largest Bitcoin Cash block thus far.

According to Bitcoin.com, there were over 37,000 transactions cleared on the MB block.

The total market capitalization of the global cryptocurrency market hit $143.8 billion on the day. Below is a recap of the top cryptocurrency prices at 1 p.m. EDT

Bitcoin: $4,251.51, -1.74%

Ethereum: $300.45, -0.91%

Ripple: $0.163, +4.36%

Bitcoin Cash: $570.99, +50.32%

NEO: $36.43, -13.75%

Now that we know all of today’s price movements, here’s what has been moving these cryptocurrencies…

Bitcoin Prices Today Fall as Bitcoin Cash Prices Surge  

The price of Bitcoin is now worth more than three ounces of gold. Still, the price dropped about 1.7% on the day.

But any Bitcoin price drop could actually be a great buying opportunity…

By 2030, the price of Bitcoin could reach $1 million. We know what you’re thinking – but Bitcoin reaching that price isn’t as crazy as you think.

BitCoin Cash Surges Thanks to New Block Creation

Bitcoin Cash prices surged 50% as news broke that the largest Bitcoin Cash block thus far was mined.

Bigger blocks mean more transactions per block, which is promising for digital currency investors who supported the Bitcoin “hard fork.”

However, a spam attack may have filled the block with thousands of artificial transactions, making it bigger than it should have been.

Here’s more on this Bitcoin Cash news.

Ethereum Prices Dip Despite Blockchain Addition

The Ethereum price dipped about 1% on Friday and sat near $300 in early afternoon trading. The currency has found a nice place at the $300 level while other coins experience a wave of price volatility.

Ethereum has hovered between $285 and $325 over the last week, but it still remains below the all-time high it set earlier this year. Prices didn’t move much after the news that Bitcoin’s largest software wallet – Blockchain – announced plans to add Ethereum to its platform.

Must Read: The Ultimate Guide to Profiting from Bitcoin – Free Report

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Garrett Baldwin

About the Author

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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.

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