Bitcoin Cash Price Eyes the $2,000 Target as Bitcoin’s Struggle Becomes More Apparent

With all cryptocurrencies surging in value right now, a lot of people are making solid money without lifting a finger. That is also one of the most popular aspects about cryptocurrency, as it is nearly passive income. The Bitcoin Cash price, for example, has increased quite a bit over the past week. Maintaining the $2,000 level is pretty difficult for now, though, but things may improve in the next few days and weeks.

BITCOIN CASH PRICE SURGES ONCE AGAIN

Ever since the launch of Bitcoin Cash, it has become rather evident this altcoin would continue to amaze a lot of people in the future. Especially now that Bitcoin is struggling so much, things have certainly evolved in an interesting direction. Bitcoin Cash is shaping up to be a more than viable alternative to Bitcoin itself when it comes to faster transactions, low fees, and a global peer-to-peer currency.

The current Bitcoin Cash price certainly reflects this bullish sentiment right now. Thanks to a solid 21.2% gain over the past 24 hours, things are certainly looking good for Bitcoin Cash holders. There is still a lot more momentum in the tank, by the look of things, although it remains to be seen if we will see a Bitcoin Cash price of over $2,000 on a permanent basis. BCH Also gained 23.71% in value against Bitcoin itself, which is pretty impressive at this stage.

Even though the Bitcoin Cash price of over $2,000 could not be sustained for that long, it is evident we may see another run in the next few hours and days. When the Bitcoin Cash price surpassed $2,075, the price was pushed down to $1,802 in quick succession. Profit-taking will eventually create a dip and a new buy opportunity. Those who bought the dip have made some decent profits, and there may be more gains on the horizon.

Japanese Ripple Crypto Exchange Takes Hit as Founder Arrested for Scam

Ripple cryptocurrency exchange in Hamamatsu, Shizuoka Prefecture, was raided by police as they closed in on the manager of the exchange who was looking to make off with ¥1.4 mln ($12,470) of one of their customer’s money.

Yuki Takenaka, the 31-year-old founder and head of a company operating the Ripple exchange, collected his stolen funds even though his firm was in a state of collapse and unable to make refunds at that time.

Scam

It is the first arrest in Japan made in connection with a bourse of the Ripple virtual currency, as Takenaka has admitted to most of the charges, according to the police.

Having set up the exchange in May 2014, Takenaka quickly fell out of favour as users were unable to withdraw cash or contact him.

In a strange business model, his company collected money from its users in exchange for IOUs, or written acknowledgements of debt, needed for Ripple online transactions. Users could exchange the notes with Ripple or convert them into cash.

But it has also emerged that Takenaka allegedly swindled more than ¥10 mln out of a dozen users by false advertising that his company charges no commission.

Additionally, there are investigations into the supposed issuing of fictitious IOUs which amount to approximately ¥120 mln.

Ripple’s push for legitimacy

Ripple, as a cryptocurrency, is slightly different to others, as they are looking to become a legitimate digital currency for use within the banking sector; and they pride themselves on being centralised.

The Ripple currency is usually used for international payments and cannot be used for merchandise purchases.

Ripple is looking to break into the banking market with its tough regulations, and while this incident has nothing to do with Ripple as a currency, it shows yet again that the crypto market is still a wild west for many and there is very little protection for individuals.

Image via Shutterstock

Source: Cointelegraph

” data-medium-file=”” data-large-file=”” class=”aligncenter size-full wp-image-45254″ src=”https://i2.wp.com/themerkle.com/wp-content/uploads/Bitcoin-Cash-Price-1412.png?resize=826%2C339&ssl=1″ sizes=”(max-width: 826px) 100vw, 826px” srcset=”https://i2.wp.com/themerkle.com/wp-content/uploads/Bitcoin-Cash-Price-1412.png?resize=826%2C339&ssl=1 826w, https://themerkle.com/wp-content/uploads/Bitcoin-Cash-Price-1412-300×123.png 300w” alt=”” width=”826″ height=”339″ data-recalc-dims=”1″/>

With almost $2.5bn n 24-hour trading volume, the demand for Bitcoin Cash is very real right now. It is evident people are taking this altcoin a lot more seriously than they did in previous weeks. While it is doubtful this altcoin will overtake Bitcoin in the near future, no one can deny this altcoin is making its mark on the cryptocurrency world as a whole. It is evident BCH is not going away anytime soon, and that can only be considered to be a good thing.

The vast majority of Bitcoin Cash trading volume originates from Bithumb, which is the driving force for most other cryptocurrencies right now. They are well ahead of Bitfinex, and HitBTC is the surprising third name on the list of exchanges ranked by trading volume. With two major fiat currency pairs in the top three, a lot of new money is flowing into cryptocurrency as we speak. We can only hope to see this trend keep up in the future, although nothing has been set in stone at this time.

It is hard to predict what the future holds for the Bitcoin Cash price. More specifically, there is certainly a very real chance we will see another major Bitcoin Cash price surge in the very near future. Things are certainly looking pretty good for all major cryptocurrencies, even though some altcoins still suffer from major price suppression as well. It will be interesting to see how things will play out in the future, as this is not the last surge we will see for Bitcoin Cash or any of the other top altcoins.

–AltcoinToday.com

Photo via Getty Images

Source: Themerkle