Coinbase listed Bitcoin Cash today and markets everywhere exploded. Bitcoin Cash is up 54.75% in 24 hours, up 103.32% on the week and up 176.53% on the month on a last price of $3,253.10. The Bitcoin Cash marketcap is $54,865,564,688 with a circulating supply of 16,865,625 $BCH. $BCH/USD is trading between a 24hr high of $3,676.00 and a 24hr low of $2,072.00 on a 24hr Bitfinex volume of $1,012,000,000. In today’s light to moderate volume trading the weekly trend is mixed.
When the alt coin Bitcoin Cash ($BCH) was listed on Coinbase traders rushed to buy and later to sell. The panic buy pushed prices well beyond what was sustainable and set new all time highs for this digital asset. The dizzying price of $3,676.00 was reached on Bitfinex.
Poloniex and Bittrex also saw similar price action as Bitfinex, with the price on Bittrex tending to be higher at times, sometimes rising while the price on the other two exchanges fell.
One Twitter user cried foul and remarked that the big price climb started prior to the actual $BCH listing on Coinbase (GDAX). Others applauded the move:
An Excellent development for Bitcoin Cash. With Coinbase support, millions around the world can realise the power of peer to peer electronic cash. And so, the network effect grows. https://t.co/o2rpatN9gw #bitcoinCash #BCH #BTC #Bitcoin
— Harrison Mclean [#BCH] (@HazMclean) December 20, 2017
BCH was trending on Twitter with over 41K tweets.
The rally comes at a time when we see the price of bitcoin ($BTC) falling substantially, down -11.89% in twenty-four hours.
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Wednesday December 20 2017 Bitcoin Background
Altcoins such as Bitcoin Cash may show a relationship with bitcoin (BTC) which changes with the alt, bitcoin and market conditions:
24 Hours of Bitcoin
24 Hours of #Bitcoin
-11.89% price $16,781.00
16.75M #XBT 06:07 #FinTech
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