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Bitcoin Cash prices surged to $2,477 yesterday (Nov. 12, 2017), sending Bitcoin prices to a low of $5,519.01 on the same day.
At one point over the weekend, Bitcoin Cash's valuation topped Ethereum to become the second-largest cryptocurrency in value. Investors like Jihan Wu, who own both Bitcoin and Bitcoin Cash, have now said that Bitcoin Cash offers more potential due to its lower transaction costs and other key benefits.
However, over the last 24 hours, we've witnessed a stark correction. Bitcoin is sitting at $6,537.07, while Bitcoin Cash hovers at 1,362.67.
Samson Mow, the chief strategy officer at Blockstream, said Bitcoin Cash's price pump will be short-lived, according to Business Insider.
"The pump is already losing steam and can't be sustained because there's no real market for [Bitcoin Cash]," Mow told Business Insider.
Below is a recap of the top cryptocurrency prices at 1:15 p.m. EST
- Bitcoin: $6,537.07, +6.47%
- Ethereum: $313.43, -0.69%
- Bitcoin Cash: $1,362.94, +1.56%
- Ripple: $0.202, +0.29%
- Dash: $431.41, +0.98%
- Litecoin: $60.76, +1.58%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Monday, the market capitalization of the global cryptocurrency sector hit $201.39 billion. Bitcoin's market capitalization comprised 52% of the total crypto market capitalization.
Top performers from the largest 50 cryptocurrencies by market capitalization included Electroneum (up +41.03%), Byteballs Bytes (up 33.01%), Populous (up 21.63%), Lisk (up 11.04%), DigixDAO (up 9.18%), SALT (up 8.62%), Bitconnect (up 8.41%), and Ark (up 8.10%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Ethereum Classic (down -6.49%), MonaCoin (down -5.48%), Bytom (down -4.67%), Qtum (down -1.40%), Tether (down -1.04%), and Monero (down -0.91%).
Bitcoin Cash Surges 30%, Then Retreats
The suspension of the Bitcoin Segwit2x protocol has been a boon for Bitcoin Cash. The price of Bitcoin Cash quadrupled to a peak of $2,446 per coin on Sunday before plunging to current levels.
Demand came heavily from Korean trading exchanges.
Some traders believe that Bitcoin Cash now stands as the greatest challenger to Bitcoin in the future.
Ethereum Surpassed by Bitcoin Cash
The Ethereum price is hovering above $310, as owners of the cryptocurrency can do nothing but sit on the sidelines and watch the action in the Bitcoin and Bitcoin cash markets.
On Saturday night, Ethereum founder Vitalik Buterin even went ahead and congratulated Bitcoin Cash for surpassing his firm after it passed Ethereum in market capitalization.
Dash Joins the Top Five by Market Capitalization
While many traders were pleased to see Litecoin hovering above $60.00 again, it has been Dash holders that have seen bigger gains in the last 24 hours.
The price of Dash surged as much as 60% in just days, as traders cheered the block size upgrade on the Dash network.
Top 5 Cryptocurrencies to Invest in Today
In the past, some increases have been viewed by the market as pump-and-dump schemes.
Brazil Makes Its Move in the Crypto Market
One of the biggest complaints by central bankers is that Bitcoin and blockchain technology are not centralized.
Now, Brazil is looking to change that...
The Central Bank of Brazil has announced it is building proofs of concept (PoCs) on every platform it can on four different blockchain platforms.
Investors can expect more central banks around the globe to follow suit in the future.
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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.