[2017-08-22]Bitcoin Cash Price Jumps above S$1,000, Boosted by Demand in S.Korea

[White sugar]

The price of Bitcoin cash (BCH), an offshoot of the legacy Bitcoin blockchain, ​surpassed US$1,000 (1.14 million won) on August 19, reaching another record high. This was due to the surge in BCH’s mining profitability and high trade volume in South Korea.

According to Coin Market Cap, BCH touched a high of US$1091.97 on July 19, up more than 45 percent. Its price increased by nearly 419 percent in 19 days after BCH was traded at US$210.38 (239,728 won) on July 1 for the first time.

The price of BCH, which spent the time of coexistence with Bitcoin for two weeks in the market, rose in earnest after the news that a miner mined an 8-megabyte (MB) block on July 16 spread. It means that the BCH size and speed improvement were achieved in practice as promised when it was first introduced. Bitcoin (BTC), which has a 1-MB block size, will be upgraded to a 2-MB block size this fall.

These made BCH so attractive to especially miners and boosted high demand, according to CNBC. Blockchain monitoring firm Coin Dance said the BCH’s mining profitability is 69 percent higher than that of Bitcoin.

The BCH’s trading volume also exceeded other digital currencies such as Bitcoin and Ethereum.

The trading volume of BCH reached US$4.4 billion (5.01 trillion won) on July 19, surpassing US$3.4 billion (3.87 trillion won) of Bitcoin and US$918 million (1.04 trillion won) of Ethereum.

In particular, the Korean won accounted for nearly half of the BCH’s trading volume. About US$1.7 billion (1.93 trillion) worth of BCH were traded on July 19 alone at the Bithumb Exchanges in South Korea. On the other hand, the won took up only 10.5 percent of the Bitcoin’s trading volume.

With such a high demand, U.S. cryptocurrency exchange Coinbase has announced plans to support BCH as of January 1 2018, when users be able to withdraw the new cryptocurrency. Initially, Coinbase had informed users that it would not support Bitcoin Cash.

The price of BCH stood at US$745.01 (847,821 won) as of 7am on July 21 in Korean time, down 2.06 percent from the previous day. Bitcoin is now being traded at US$4,145.62 (4.72 million won), while Ethereum is being traded at US$298.36 (339,534 won).

 

http://www.businesskorea.co.kr/english/news/money/19038-led-korea-bitcoin-cash-price-jumps-above-us1000-boosted-demand-s-korea

[error08]

Even so, would it still hold its position? No, I don't think so.
Yes, bitcoin cash may more profitable than bitcoin, but miners just looking for another object to extract more money.
Whenever an exchange listed bch with high price, the luckiest people are thee miners, as they've got more fees and could be involved in trading bch as well. But, in the end bitcoin will be the winners, after people get more money from bch, then invest it into btc again.

[iram1011]

BCH price is more driven by pumps I suppose. The price did touch $1000+ but has already dropped by 40% of the yesterday's price. Indeed BCH is more profitable to miners today but soon the difficulty will increase and hence profitability will decrease. This all popularity and profitability is short lived. Investors are indeed investing in BCH but for short term.

[joshy23]

BCH price is more driven by pumps I suppose. The price did touch $1000+ but has already dropped by 40% of the yesterday's price. Indeed BCH is more profitable to miners today but soon the difficulty will increase and hence profitability will decrease. This all popularity and profitability is short lived. Investors are indeed investing in BCH but for short term.

Exactly, I don't know if it has reached above $1000 though because I'm not following the price of it. But today when I checked its down to $622 on average so it only means one thing. It is simply a pump and dump coin. Traders now are testing the profitability of this coin and now those who have bought are now trap and can't sell it at today's price. Its just like any other altcoin out there, groups will hype the coin then pump and later when the price is too high already suddenly dump it hard and the victims here are the casual investors who enter the market without knowing this coin.

[veleten]

Korea here acted as a proxy trading platform for big traders
who were attracted by incredible volatility of BCC
it dropped to 0.07 BCC per BTC low at one point
and then its difficulty adjusted and a patch has been implemented
so BCC difficulty plummeted and made it a viable option to be mined
lets wait and see how the things will unfold,to early to tell but BCC did much better than expected,given everybody just dumping it first opportunity

[Kakmakr]

The South Korean speculators are pumping the shit out of Bitcoin Cash at the moment. This is being backed by the Bitcoin miners or should I rather say, the miners are merely following the most profitable chain. A lot of people will wait for the price to increase and then you will see a massive dump of BCC coins.

I will hedge my investment by hoarding both coins. If BTC fail, I would have the same amount of BCC to sell and visa versa.