James Mickleboro | November 5, 2018
It was a very positive weekend of trade for the crypto market with solid gains being seen across the board. This has lifted the value of the market by 2.2% since this time on Friday to US$209.9 billion according to Coin Market Cap. What happened? Although there were solid gains for most coins this weekend, the star of the show by some distance has been Bitcoin Cash. The Bitcoin offshoot has rocketed approximately 33% higher since this time on Friday ahead of a hard fork that is being supported by crypto exchange giants Binance and Coinbase.
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It was a very positive weekend of trade for the crypto market with solid gains being seen across the board.
This has lifted the value of the market by 2.
2% since this time on Friday to US$209.9 billion according to Coin Market Cap.
What happened?
Although there were solid gains for most coins this weekend, the star of the show by some distance has been Bitcoin Cash .
The Bitcoin offshoot has rocketed approximately 33% higher since this time on Friday ahead of a hard fork that is being supported by crypto exchange giants Binance and Coinbase.
The November 15 hard fork will upgrade Bitcoin Cash and see holders rewarded with a new coin for every coin they hold on that date. This appears to have led to traders piling into the market this weekend to take advantage of the development.
However, it is worth remembering that many of these traders are likely to look to take profit as soon as they can. As a result, quite often a coin’s value will drop significantly after the fork as traders cash in.
What are prices doing today?
Here is the state of play on the market on Monday morning compared to 24 hours ago:
The Bitcoin (BTC) price is down 0.3% to US$6,330.58 per coin, leaving the crypto giant with a reduced market capitalisation of US$109.9 billion.
The Ethereum (ETH) price has risen 4.7% higher to US$209.50 per token. This strong gain has lifted the Ethereum market capitalisation of US$21.
6 billion.
The Ripple (XRP) price has pushed 2.5% higher to 46.
7 U.S. cents. This gain means the XRP market capitalisation has lifted to US$18.8 billion.
The Bitcoin Cash (BCH) price has rocketed 17.2% to US$562.
88 per token. This increases the Bitcoin spin off’s market capitalisation to US$9.8 billion.
The EOS (EOS) price is up 2.1% to US$5.44 per token, lifting the EOS market capitalisation to US$4.
9 billion.
Outside the top five things were just as positive. The Stellar (XLM) price is up 1.8%, the Litecoin (LTC) price has surged 5.
5% higher, Cardano (ADA) has jumped 6%, and Monero (XMR) is 4.5% higher.
Tether (USDT) was the worst performing major coin during the period with a 4% decline to 95.99 U.
S. cents.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned.
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy . This article contains general investment advice only (under AFSL 400691).
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