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Bitcoin Trades Sideways After Latest Price Storm Calms

November 14, 2017 at 12:49 by Yahia Barakah

The price of a single Bitcoin remained without much change on Tuesday, following a partial recovery from a massive drop that erased about $38 billion from the cryptocurrency’s market value. Meanwhile, Bitcoin Cash gave up some of the gains it made during the price crash of the original Bitcoin.

Bitcoin price steadily rose in recent weeks as investors in the cryptocurrency anticipated an upgrade that would improve the ease of transactions on the Bitcoin network. However, when the upgrade was canceled last week, the value of Bitcoin saw the most significant price correction since early September as investors rushed to buy other digital currencies.

Bitcoin Cash, which forked from the original Bitcoin network in August, had the biggest gains among Bitcoin’s rivals. Following these gains, Bitcoin Cash momentarily took over the position of Ethereum as the second biggest virtual currency based on market capitalization.

Despite these strong price movements, the overall cryptocurrency market capitalization saw a small 1% change as it moved from $200.6 billion to $202.6 billion. The little change in total market capitalization reflected that investors moved their capital within, but not outside, the sphere of cryptocurrencies.

However, as the price of Bitcoin began stabilizing yesterday, Bitcoin Cash gave up some of its gains. Investors returned to Bitcoin, which allowed the digital currency to maintain a level around $6,550 since yesterday, although it remained off its record high of $7,838 that was recorded on Wednesday.

The price of Bitcoin has drastically climbed this year as governments around the world worked on regulating digital currencies. Japan took the lead when it legalized Bitcoin and began treating it as an actual currency in April, which led to a huge surge in investors’ demand. The hard fork of Bitcoin Cash in August also served as a major boost for the value of the original Bitcoin.

 

BTC/USD traded at 6,482.6 on the Bitstamp exchange as of 12:14 GMT on Tuesday after reaching 6,727 at 03:50 GMT, the pair’s highest level today. BTC/USD began the day at 6,562.3.

BCH/USD was at 1,375.2 after beginning the day at 1,353.9. BCH/USD reached 1,211.3 at 03:59 GMT, the pair’s lowest level since November 11.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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