Bitcoin Cash the fork of Bitcoin created out of a clash in opinions of two camps mid-2017 has shown promising growth right before the year-end. This year Bitcoin cash experienced an all-time high, and its value has been increasing ever since. In just two weeks it has shown an impressive increase in the rate, almost eighty-five percent (85%). Before this remarkable increase, the coin had fallen almost ninety-eight percent (98%) in value.
The reasons for this untimely success are unknown. Bitcoin Cash’s decline came at the same time when all other currencies were falling, but it is the only one that is rising from the ashes as no other currencies have demonstrated an increase in rate. This sudden rise has come at a time when the financial market has been seeing many recurring sales of assets at very low prices, mainly to get rid of them. Members of the crypto community are suspecting that crypto is the go-to platform for some investors to protect themselves from large-scale market failures. This may be a potential reason for this sudden growth in rates.
Some are speculating that this period of relief for Bitcoin Cash is just a phase and may end as soon as it started. Lionel Laurent also gave a statement regarding the situation saying that it is unlikely that Bitcoin cash will overcome the loss of this declining market.
Peter Brandt has been trading in crypto for some time now, and he also says the same thing. He says that cryptocurrency’s increasing over the four thousand dollars ($4000) milestone is not that big an achievement and that the next downfall will be very harsh of almost one thousand and two hundred dollars ($1,200) at least.
Another speculation about this increase in price is Bitmain. Bitmain owns about one million bitcoin cash, and it is said to be making efforts to attract more investors and buyers by increasing the value. Due to these allegations, the Hong Kong Stock Exchange is no longer willing to approve its IPO.