Bitcoin Cash price falls to one-week low, while BTC hits new high
The Bitcoin Cash price has declined over the past 24 hours, reaching its lowest level in nearly two weeks, according to data from cryptocurrency tracker Coinmarketcap.
The Bitcoin offshoot, which was created at the beginning of this month after a hard fork that led to a split of the original cryptocurrency’s blockchain. Its price soared to around $1000 earlier this month after some adjustments in its code reduced the mining difficulty and temporarily made Bitcoin Cash (BCH or BCC) mining more profitable than mining on the original chain. The situation changed after another adjustment increased mining difficulty by 300%, which prompted many miners that had switched to BCH to return to the BTC chain.
“With Bitcoin back to being more profitable, Bitcoin cash lost some steam,” said Nolan Bauerle, director of research at CoinDesk, as quoted by CNBC.
The Bitcoin Cash price has been in decline since it reached its all-time highs on August 19. Earlier in today’s trading it hit its lowest level since August 18 at $557.14, before rebounding to over $570.
As of 15:25, the Bitcoin Cash price stood at $573.52, according to Coinmarketcap. The cryptocurrency currently has a market capitalisation of nearly $9.5 billion.
Meanwhile, the Bitcoin price yesterday surpassed $4,700 for the first time and today reached a new all-time high of $4707.55, according to CoinDesk data. The original currency is currently trading at $4,611.33.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.