By the end of the day Tuesday, bitcoin cash had carved out close to a $7 billion position for itself on the cryptocurrency landscape.
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Bitcoin, meanwhile, lost 5.46% and was the only one of the top 10 cryptos to lose Tuesday, as bitcoin miners completed a split to create more of the new, split-off coin called bitcoin cash.
Prior to the Tuesday’s launch of a user-activated hard fork (UAHF) to create bitcoin cash, the ViaBTC exchange enabled traders to trade bitcoin cash futures under the symbol BCC by temporarily freezing their BTC balances on the platform.From July 24 to 25, the value of bitcoin cash futures hovered around $500. By the 26th, it had fallen to $400, then below $300 on July 31. On Monday, it declined 24% against bitcoin, bringing its value to about $278 according to coinmarketcap.com.
Bitcoin Cash Rebounds
But the price rebounded by 10:30 ET Tuesday to $373.78, giving it a market cap of $6.764 billion. BCH posted a 27.63-point gain in the last 24 hours as of 10:30 p.m. ET, making it the fourth largest cryptocurrency behind bitcoin, Ethereum and Ripple. (Coinmarketcap.com initially listed bitcoin cash as BCC, but has switched to BCH.)
Advertisement: Twitter Linkedin Facebook Reddit Weibo By the end of the day Tuesday, bitcoin cash had carved out close to a $7 billion position for itself on the cryptocurrency landscape. Get daily trading recommendations (BUY/SELL) on Hacked.com for just $39 per month. Source: Coinmarketcap.com Bitcoin, meanwhile, lost 5.46% and was the only one of the top 10 cryptos to lose Tuesday, as bitcoin miners completed a split to create more of the new, split-off coin called bitcoin cash. Source: coinmarketcap.com Prior to the Tuesday’s launch of a user-activated hard fork (UAHF) to create bitcoin cash, the ViaBTC exchange enabled traders to trade bitcoin cash futures under the symbol BCC by temporarily freezing their BTC balances on the platform. From July 24 to 25, the value of bitcoin cash futures hovered around $500. By the 26th, it had fallen to $400, then below $300 on July 31. On Monday, it declined 24% against bitcoin, bringing its value to about $278 according to coinmarketcap.com. Bitcoin Cash Rebounds But the price rebounded by 10:30 ET Tuesday to $373.78, giving it a market cap of $6.764 billion. BCH posted a 27.63-point gain in the last 24 hours as of 10:30 p.m. ET, making it the fourth largest cryptocurrency behind bitcoin, Ethereum and Ripple. (Coinmarketcap.com initially listed bitcoin cash as BCC, but has switched to BCH.) Advertisement: The creators of bitcoin cash believe support for Segregated Witness was a mistake – and a diversion from Satoshi Nakamoto’s vision for bitcoin – and they aim to help bitcoin scale by immediately increasing the block size from 1 MB to 8 MB. Trading in bitcoin cash was available on several exchanges, but remained a fraction of bitcoin’s price. The BCH/BTC price on Bittrex, which accounted for 42.19% of BCC’s volume, was $516.29 at 10:30 p.m. ET Tuesday, the highest of any cryptocurrency exchange, followed by $350.66 on Kraken, which held 16.88% of BCH volume. Coinmarketcap.com listed BCH as the second biggest crypto gainer in the last 24 hours, second only to OperaCoin, which posted a 304.76 point gain. (OperaCoin only transacted $27,991 in the 24-hour period.)