Cryptocurrency investors were given a boost on Thursday, as the price of Ethereum and Bitcoin Cash both showed remarkable growth.
The price of Ether surpassed $400 at one point in the day, while Bitcoin Cash showed an increase of almost one-third in value compared to Wednesday’s figures.
Bitcoin Cash’s continuing fluctuations
The value of Bitcoin Cash – still in its infancy after being forked in August – has proved erratic over the past week or so, fluctuating between $800 and $2,900 at various points. Last night’s increase, from $1,150 to $1,620, is thought to have been caused by a significant investor, or group of investors, transferring large amounts of money to Bitcoin Cash from another cryptocurrency. This is what’s known in the market as ‘inorganic growth’, but some commentators remain buoyant about Bitcoin Cash’s ability to grow organically.
The main reason for this is because Bitcoin Cash is increasingly being adopted by Bitcoin platforms, with exchanges such as Blockchain and Bitstamp both announcing their plans to integrate the cryptocurrency before the end of the year. With more likely to follow suit, we could be looking at even higher levels for BCH by the end of 2017.
Good news for Ether
Meanwhile, Ether, which has largely struggled since China moved to cut down on ICOs in September, finally hit the $400 mark on Thursday, partly as a result of increased trade in the cryptocurrency and news that large investment banks such as JP Morgan are intending to launch bonds and futures in Ethereum early next year.
The news of buoyancy in both Bitcoin Cash and Ether follows hot on the heels of Bitcoin’s continued growth in November. The original cryptocurrency topped the $8,000 mark this week.