Tuesday, January 31, 2023

Bitcoin Price Stumbles While Bitcoin Cash Surges Towards $1000

Bitcoin Price Stumbles While Bitcoin Cash Surges Towards $1000

Bitcoin Cash is thriving as its price has rocketed upwards in the last few days. Bitcoin, on the other hand, has hit a roadblock as its respective price has conversely dropped.

Also read: Credit Cards, PayPal, Even Coinbase Are Cutting off ‘Extremist’ Groups

Bitcoin Cash Revels in Sudden Success… For Now

The price of BCH is soaring as it quickly paves its way towards the $1,000 mark — a mark it should hit very soon as long as current trends continue.

At press time, Bitcoin Cash’s price was hovering a little under $800, having dropped since its all time high of over $900 earlier today.
Still, even with the drop in price, it is up 30% from yesterday when its price was at $540 USD.

It seems a lot of the price movement has been influenced by traders in South Korea, with global trading volumes of BCH tripling from Thursday to Friday.

Many are also pointing to a change in difficulty today that will make mining more profitable on the Bitcoin Cash chain than on the legacy Bitcoin chain.

Accordingly, the difficulty will adjust downward by roughly 60% — down about 5.4% its original difficulty. As a result, Blocks will be generated in just over 8 minutes with its current hash power.

The price jump could also have been influenced by increased confidence in the crypto when it easily held back a spam attack last Wednesday.

Future Still Uncertain

Whatever it may be, Bitcoin Cash supporters are reveling in the sudden and rather shocking success of their preferred currency.

These recent events could be a look into long-term future of the coin, or it could just be a fluke that will eventually fade out.

It’s still too early to tell if Bitcoin Cash is for real or just a temporary blip on the radar.

What do you make of BCH’s quick price ascent and BTC’s simultaneous drop in price? Let us know in the comments below.

Images Via Bitcoin Cash, Engadget

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