The cryptocurrency duo of Bitcoin (BTC) and Bitcoin Cash (BCC or BCH) has proved to be one to look out for as the combined value of the two has breached $3500 levels – a position that was forecast by many analysts.
Bitcoin Cash (BCC or BCH) officially came into existence yesterday post the Bitcoin hard fork and soon after that many exchanges including Kraken listed the newly generated cryptocurrency. While not realistic, Bitcoin Cash (BCH) was listed on Kraken at a price of $600,000, but its value soon plunged to a low of $130. Subsequently BCH saw a surge in price after eventually settling at $450 levels.
Bitcoin (BTC) on the other hand also saw a little volatility with prices remaining at $2700 levels, but occasionally jumping to $2900 levels with trading volumes hovering at $1 billion levels.
Combined, the value of the two cryptocurrencies reached a high of $3511 at one time giving traders a good return for their investments over the last two weeks. As of this writing the combined value of the two is higher than the highest value of bitcoin.
One of the primary reasons behind this uptick could be that post the fork, people are seeing value in Bitcoin Cash and they might have decided to invest in it and hold the currency instead of getting rid of it and that could have let to the price rise.
The Bitcoin hard fork has let traders and investors tap into new value and while the price of the two cryptocurrencies may not be at their individual all-time high, the combined value has definitely reached a new high.
While some of you may equate the current scenario with what happened with ethereum shortly after their split, it could be a general case with cryptocurrency world that a chain-split will yield positive results for both sides of the aisle. A development like this not only helps resolve differences between cryptocurrency groups, but the outcome is generally beneficial for almost all groups.