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Earlier today, October 29, the Bitcoin Cash's price has jumped more than 20% in a 24 hour period. Several major cryptocurrencies such as Ethereum Ether's native currency have also shown an increase in their values, while the price of Ether has increased by 6%.
Bitcoin Cash records a significant daily increase in price
For several months since its launch in August, Bitcoin Cash has lost a lot of value, falling to less than $ 320 at one point. Over the past 24 hours, the price of Bitcoin Cash (BCH) has gone from $ 400 to $ 522, showing a staggering daily gain of $ 122. The price of the BCH has undergone a slight correction since its monthly high and has stabilized around 460 dollars.
In analyzing the factors increasing the value of Bitcoin Cash, it is important to recognize some of its major stock markets. Currently, more than 50% of global BCH transactions are concentrated in a single exchange, the largest cryptocurrency exchange in South Korea, Bithumb.
According to various data providers on the cryptocurrency market, including CoinMarketCap, the three largest stock markets in the BCH market are Bithumb, Coinone and Korbit, all of which are based in South Korea. Simply put, at the time of reporting, the South Korean cryptocurrency market accounted for over 65% of global BCH transactions.
Bithumb was an important factor in the rapid growth rate of Bitcoin Cash. As the second largest cryptocurrency exchange in the world behind Bitfinex, the Bithumb integration provides significant liquidity to a cryptocurrency. The importance of Bithumb's integration has recently been demonstrated by Qtum. Within five days of Qtum's integration, Bithumb has become Qtum's largest exchange market with about 51% market share.
"In less than five days since Qtum's integration, Bithumb has evolved into the largest Qtum exchange in the global market, and in the coming years Bithumb will continue to focus on supporting to prominent crypto-currencies with innovative vision and competition. " says Bithumb.
Therefore, the increased demand for Bitcoin Cash from the South Korean market, and more specifically users, traders and investors from Bithumb, has been a determining factor in the market. momentum of BItcoin Cash.
Ethereum finally enters the region of $ 300
After struggling to bounce back after a major correction on Oct. 4, the price of Ether eventually rose to over $ 300. In the last 24 hours, the price of Ether has risen from $ 297 to $ 307, about $ 20.
Usually, the trend of Ether prices tends to correlate with that of bitcoin. However, today, Ether has recorded a significant daily gain while the price of bitcoin is struggling to rebound to $ 5,900.
Earlier this week, CCN reported that Blockchain, the world's most-used mobile bitcoin wallet, has integrated Ethereum to allow its users to send, receive and store Ether.
"The adoption of Ethereum is an important indicator of the medium and long-term price trend of the ether." Earlier this week, Blockchain, the second wallet Bitcoin's most popular behind Coinbase, announced the integration of Ethereum into its mobile wallet, the most widely used bitcoin mobile wallet on the market. "
In the medium term, the increasing adoption of cryptocurrency platforms like Blockchain and the strong performance of Ether in major regions like South Korea will allow cryptocurrency to rise sharply.
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