Bitcoin Cash (BCH) jumps to $21.8B market cap amid general crypto market consolidation.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
February is showing more of January's volatility in the cryptocurrency market, and there is a general trend of consolidation worldwide, which follows major drops in the Dow Jones industrial average, news of Chinese and South Korean regulation, Facebook banning cryptocurrency advertising, India pushing toward a crackdown and news of Tether and Bitfinex subpoenas.
Disclosure: I own some Bitcoin Cash.
But while most major coins like Bitcoin, Ethereum, Ripple, and Litecoin are down between 0.25-5 percent, Bitcoin Cash, the world's fourth-largest coin, saw a 28 percent leap over the past 8 hours, including a 22 percent bull run between 1:29am and 3:19am PST, according to CoinMarketCap.
Bitcoin Cash 24-hour trading chart
Bitcoin Cash was trading at $1024.88 USD at 1:29am PST. At 3:19am PST, that number had jumped to $1252.17. By 9:14am Feb. 8, BCH was trading at $1317.27, over 28 percent higher than just 8 hours prior. The current price is $1,296.23—marking 70 percent growth since Tuesday's low of $764.
Jesse Damiani , Contributor