The cost of Bitcoin Cash when it was introduced on August 1 was $370. It's cost two days ago was $299; its cost now is currently at $872; this is a rise of 167 percent within two days. The cryptocurrency was introduced to act as a cheaper purchase option for expensive Bitcoins whose cost recently surpassed the $4,000 mark. The continued rise in the cost of Bitcoin Cash coins would drive buyers of crypto currencies to buy much cheaper currencies such as Ethereum, Ripple and the IOTA coin.
Why its price is rising
Bitcoin Cash might be on the rise due to the growth in the number of crypto currency exchange platforms that support it.
Currently, 85 exchange sites support the exchange of this crypto currency on their platform. The largest exchange site that supports it is Bithumb which trades 39 percent of all its transactions in the cryptocurrency market. Coinone transacts 10 percent of Bitcoin Cash exchanges in the market, while Korbit transacts 8 percent of the transactions.
More cryptocurrency users are now aware of the concept behind its creation. Such awareness is building confidence among cryptocurrency users which is enabling them to purchase the currency at ease after understanding the risks and opportunities that might arise.
Another reason as to why it's worth is rising is the fact that its cost is still lower than the price of Bitcoin.
Its price is 4.7 times lower than that of Bitcoin. Also, all cryptocurrencies are trading above their introductory prices. For example, BitConnect's cost on January 20 this year when it was introduced was 0.162671. Its cost is now $118. Cryptocurrency OmiseGo was introduced on the 14th last month at an introductory cost of $0.6; it is currently priced at $6.95.
The Metal cryptocurrency was introduced on the 9th of last month with an initial offer of $1.22; its current cost is $10.34.
The future prices of crypto currencies
The cost of Bitcoin Cash has the potential of increasing considering that its worth is low compared to the cost of Bitcoin. Speculators have yet to see whether the value of Bitcoin Cash will mirror the rise in value which Bitcoin has experienced in that past.
Bitcoin's value was $122 four years ago; its value recently surpassed the $4,000 mark.
Other cryptocurrencies are yet to experience price rises considering that there are over 1,000 cryptocurrencies in the cryptocurrency market. Market regulation, increased awareness of crypto currencies will help boost their worth.
