January was a bumpy ride for cryptocurrency investors. The reason we are saying this is because the market crashed and it didn’t seem like it was ever going to make a comeback. The first few days of February haven’t been that good as well, since the market was able to recover for a short period of time before a drastic turn of events occurred and Bitcoin dropped below the $7,000 mark.
Bitcoin Cash Grows by 23%
Despite these market crashes, there is a cryptocurrency that’s actually making gains. Bitcoin Cash is the one who is growing bigger in the midst of all this chaos. Bitcoin Cash went up by 23% in the last 24 hours which puts its at $1,272.40 per token.
This is an impressive growth, especially when considering that it all happened in 24 hours. We should also mention that the entire market capitalization of Bitcoin Cash is now estimated at $20.9 billion which means that it sits on the fourth spot in the cryptocurrency market.
US Senate Hearing
The main factor that caused the market to be so volatile these past few days was the recent US Senate hearing. Everyone expected the US regulators to impose some restrictions on crypto-trading just like South Korea and China did, but this didn’t happen.
Despite popular belief, the regulators decided to vote in favor of cryptocurrencies and testified that the only restrictions they might come up with will serve the sole purpose of protecting investors. Moving back to Bitcoin Cash, let’s see why its value spiked so high.
The Ideal Bitcoin Alternative
As the cryptocurrency’s name implies, Bitcoin Cash is the heir to Bitcoin. Some might even say that Bitcoin Cash is the upgraded version of Bitcoin because it offers faster transaction times and lower fees. The best thing about Bitcoin Cash is that those fees are not going to scale with the token price and they will remain small.
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