Why is Bitcoin Cash Rising?
New developments contributed to the sudden surge in the value of Bitcoin Cash.
Coinbase
The most popular US cryptocurrency wallet – Coinbase – announced that it would offer trading of bitcoin cash in its GDAX exchange platform. What happened after that? Bitcoin Cash reached the $3,000 value mark. An all-time high for this altcoin.
Coinbase briefly became the no. 1 app in the App Store when bitcoin reached record volumes last time. This means Coinbase is in hundreds of thousands of phones in the US. By announcing Bitcoin Cash trading, it offers people access to it.
Bitcoin Fatigue
When Bitcoin reached the $20,000 mark (around ₱1M!), it began to show signs of fatigue. Meaning, it is not breaking any new all-time highs after that. As of 9:28 AM, bitcoin is at the ₱865K mark. This, according to analysis, is the reason why many investors are looking at altcoins to broaden its portfolio.
Bitpay
If you frequent Bitpinas, you notice we wrote about an alternative way to buy Steam games using bitcoin or litecoin. The payment processor that makes it possible is Bitpay. Bitpay announced Bitcoin Cash support. That means more ways to pay for real-world items or digital items using bitcoin cash. Because let’s admit it – if the coin is made to facilitate transactions and yet you can’t use it?
Bitcoin.com
Roger Ver is the founder of Bitcoin.com. He’s also called “Bitcoin Jesus”. He’s been saying for years to never leave your bitcoins in exchanges because they might get hacked.
Bitcoin Jesus advocates that you put your bitcoins in exchange so that you can quickly sell it once the most popular cryptocurrency goes out in favor of bitcoin cash.
Also, bitcoin.com cofounder Emil Oldenburg said he’s also sold all his bitcoins.
Should I buy Bitcoin Cash?
In Bitpinas, we always follow the golden rule – Invest only an amount you can afford to lose. The sudden rise of bitcoin cash demonstrates the volatility of cryptocurrency – as simple as announcements or tweets can spark an upward run in value.
The next is that, and this is something all new cryptocurrency investors are being told – is that you only invest in projects you believe in. So in theory, you invested in bitcoins because you believe in its vision to facilitate transactions without the middleman. So in this case, you believe that bitcoin cash will succeed in making easier and faster transactions than ever.
Resources: Coindesk, CNBC, News.com.au, Forbes
