Bitcoin price recovered past $17,000 on Wednesday morning, even as the bitcoin cash price continued to surge as a result of its listing on Coinbase.
The bitcoin and bitcoin cash prices often take inverse trajectories, and the ascent of bitcoin cash came — to some extent — at bitcoin’s expense. After beginning the day at $18,245, the bitcoin price dipped as low as $16,353 before reversing course on Wednesday morning. By the time of writing, the bitcoin price had recovered past $17,000 and was trading at a global average of $17,573, which represents a 24-hour decrease of four percent and leaves bitcoin with a market cap of $294.4 billion.
Bitcoin Cash Price Soars Nearly 50 Percent
But while bitcoin and ethereum struggled to tread water, the third-largest cryptocurrency raced to an all-time high. Spurred by bullishness related to its listing on Coinbase, the bitcoin cash price rose as high as $3,800 in the global market before settling down to a present value of $3,410. This represents a 24-hour increase of 48 percent and gives bitcoin cash a market cap of $57.5 billion.