On October 29, there was a surge in the price of Bitcoin cash which rose by over 20 percent in a 24-hour period.
As a result multiple other cryptocurrencies including Ethereum’s currency Ether also received an increase in value rising by six percent.
After Bitcoin cash was released in August it had been slowly declining in value dropping as low as $320 at its lowest point, however on October 29 it shot up from $400 to a high of $522 a massive gain of $122 in a 24-hour period.
The price has since levelled out at $460 roughly.
Looking into the noticeable surge in value it is important to address that more than half of the global Bitcoin trades are happening at one exchange which happens to be in South Korea.
To put it in simple terms the South Korean Cryptocurrency market is at the moment accounting for over half of all global Bitcoin cash trades.
Bithub has also had a massive effect on the price of Bitcoin Cash as it is currently the second biggest cryptocurrency exchange in the world, second to Bitfinex.
Bithub has provided substantial liquidity to the cryptocurrency market.
It was reported by CNN last week that Blockchain, currently the world most used mobile bitcoin wallet had begun using Ethereum which enabled users to send and receive as well as store their currency Ether.
This move will only further strengthen cryptocurrency’s values in regions such as South Korea.
Content: Love Pattaya Thailand