Get trading recommendations and read the analysis on Hacked.com for only $ 39 a month.
The bitcoin spot price rose more than 50% this week, reversing a protracted decline that had threatened to immerse it in insignificance.
Like all cryptocurrencies, the bitcoin money was beaten as a result of the early September revelation that Chinese regulators had banned initial coin offerings (ICOs) and cryptocurrency trades . The bitcoin spot price made an effort to recover from the downturn, but showed an inability to climb a sustained lead. From September 21 to October 21, the spot price of bitcoin dropped from $ 200 to almost $ 300, and it seemed unlikely that this level of support would continue.
However, during the last week of October, the price of bitcoin stopped this skid and began to climb the charts. On October 25th, bitcoin cash went up by $ 350. The next day, he passed the $ 400 checkpoint and started to skyrocket, briefly surpassing $ 500 before correcting for $ 450 to end the month. However, the bitcoin spot price came in November with a double-digit increase, climbing another 11% to a current value of $ 496. Even more impressive is the fact that this progression occurred even as the price of bitcoin posted a new historical high, an occurrence that is generally correlated with a decline among the altcoins. Bitcoin Cash now has a market capitalization of $ 8.3 billion, placing it third in market capitalization and giving it a $ 750 million fourth-place advantage.
Over 65% of all bitcoin cash flow is concentrated on Korean trade, and Bithumb is more active than the next 15 largest volumes combined. Bitcoin Cash is also trading about $ 10 more on Korean exchanges than elsewhere, but that's not unusual (Bitcoin, for example, is currently selling about $ 200 more on Bithumb than Bitfinex).
The bitcoin spot price rally was fueled by at least three factors. The first, as previously discussed, is that gold bitcoin did not work well during the pre-publication trading, confirming suspicions that traders and investors are already experiencing "fork fatigue" . In addition, WikiLeaks Shop has added bitcoin cash as a payment option. This is not a major announcement because the online store already accepts a variety of other cryptocurrencies, but it provides exposure to cryptocurrency. The factor that drives the rally the most – at least for the moment – is the announcement of a hard fork on November 13 to improve the Bitcoin Cash Adjustment Algorithm (DAA) and bring some stability network blockages, which have often fluctuated due to the minor's manipulation. +
Image from Shutterstock.