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Bitcoin Cash falls back towards $600

Published 08/21/2017, 09:00 AM
Updated 08/21/2017, 09:00 AM
© Reuters.  Bitcoin Cash falls back towards $600

© Reuters. Bitcoin Cash falls back towards $600

Investing.com - The price of the new bitcoin alternative, bitcoin cash fell back towards the $600 level on Monday after setting an all-time high of around $970 over the weekend, while bitcoin was also lower.

On the U.S.-based Bitfinex exchange, Bitcoin Cash was at $615.00 by 08.41 AM ET (12.41 GMT), down about 13.52%, or $95.7.

It rose as high as $935.50 on Saturday, the highest level in its three-week history and an increase of almost 400% from its low of $210 on its first day of trading.

The price of the newly minted bitcoin offshoot rallied after the bitcoin cash blockchain showed it could handle the higher transaction capacity for which it was built.

At current prices, bitcoin cash has a total market capitalization of $10 billion, making it the third most valuable cryptocurrency.

Meanwhile, the price of bitcoin was also lower. It touched a low of $3,956.4 and was last at $4,049.8 having opened at $4,066.3.

Since setting its most recent all-time high of $4,489.1 on Aug.17, prices have pulled back and at current prices bitcoin has a market cap of about $67 billion.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 11.5% to $329.8, while Ripple lost 2.51% to trade at 15 cents.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

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