In a mad bullish run, bitcoin cash price almost hit the $3,000 mark yesterday – a bull run that many thought was finally going to help the crypto recover from a rather bad 2018 so far.
That’s didn’t happen though and in a matter of just few hours, Bitcoin Cash fell down to $2500 mark and as of this writing is trading at $2560 (global average). Bitcoin Cash hasn’t had a great run in 2018 so far and its market share has taken a declining turn.
This week wasn’t like the first week of January though as bitcoin cash embarked on a price surge rally in what seems to be a run to break the $3,000 barrier. The bitcoin price surge didn’t have an obvious reason behind it although it was likely that the crypto likely benefited from a report that mining pool BitClub Network — a small pool that currently accounts for about 2.5 percent of the bitcoin hashrate — would begin issuing payouts in BCH form while continuing to mine the BTC chain.
From a low of $2,988 on January 10, bitcoin cash surged over 31 per cent to reach an intraday high of $2,988. However, the run towards the $3,000 mark was cut short by just a few dollars owing to conflicting reports that South Korea was planning to pursue a blanket ban on cryptocurrency trading. While the president’s office ultimately issued a statement denying that the ban was a finalized decision, the initial report took the wind out of bitcoin cash’s sails, as Korea represents one of the coin’s largest markets.
Consequently, it should come as no surprise that the bitcoin cash price careened back down as low as $2,330 before beginning a cautious recovery along with the rest of the cryptocurrency markets.
At the time of writing, the bitcoin cash price was trading at $2,600 on Bitfinex, which represented a minor 24-hour decline but a 15 percent increase from its Wednesday low. Bitcoin cash’s market cap is currently $44.5 billion, which places it $34.6 billion behind third-ranked ripple.