Bitcoin Cash Breaks $2200.00
“BITCOIN CASH IS BITCOIN NOW.”
Issued by Li Ang, head of China-based bitcoin mining outfit Canoe Pool, the proclamation may not be distinguishable from typical cryptocurrency banter. However, the difference this time around is the context.
No idle statement, Ang’s comment comes amid what can only be characterized as one of the biggest migrations of capital yet seen in the nascent asset class. Billions are on the move in the crypto markets, and it’s plainly observable where the funds are headed.
After hitting a record high above $800 on Friday, the price of bitcoin cash, the alternative cryptocurrency forked from the bitcoin blockchain in August, has doubled within 24 hours, hitting a high of $1,856, according to figures from data firm CoinMarketCap.
With the move, bitcoin cash is now valued at more than $30 billion, passing ethereum to move into second-place standing in the market.