It took a little while, but Bitcoin Cash (BCH) has finally begun its ascent. How long it will last remains to be seen, but it has been consistent for the past two days, rising more than 10%. The cryptocurrency is sitting at $735 at press time.
Crossing the $700 mark was considered to be a significant goal. Many analysts anticipated that, if it reached that point, it would be very easy to assume a continued climb up to $1,000 or more. Now that BCH has come so far, all eyes will be on the cryptocurrency to see if it fulfills the predictions.
There is still a long way to go and cryptocurrency enthusiasts understand how volatile the markets are. It’s too early to get overly excited, but the steady climb is certainly welcome news. Bitcoin Cash has seen its biggest gains on Thursday, April 12.
Other coins have continued to move up, as well. EOS, Ripple and Ethereum have seen substantial gains in the past week, with EOS recording an impressive 40% increase. The altcoin’s success is due, in part, by the eosDAC airdrop, scheduled to take place on April 15. When it happens, any user with a minimum of 100 EOS tokens in their wallet will be sent the equivalent amount in eosDAC tokens. Those that have fewer than 100 coins still qualify for the airdrop, but will have to request their eosDAC coins manually. EOS is currently trading at $8.71.
Ripple has had several important alliances come about recently that could be helping its drive. At the end of March, the Ripple team announced that it was implementing a Cobalt algorithm, which greatly decreased the time necessary for transactions. It then partnered in the Hyperledger project, which improves the technology behind Ripple’s network. The altcoin has also showed considerable strength against BTC, helping to fortify its position. Ripple has climbed 27% in the past seven days.
Ethereum’s surge, as well as those of all coins, cannot be traced to any one particular action. However, gaining 28% in a week is a substantial increase, possibly fueled by overall investor sentiment. By way of comparison, SegWit-Coin BTC (also referred to as Bitcoin Legacy or Core) has only gained 15% over the same period. Ethereum has risen by 28%, and is currently trading at $487.