- Bitcoin.com CTO swaps Bitcoin for Bitcoin Cash
- Altcoins push further ahead, total market capitalization exceeds $640 billion.
The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.
Bitcoin swapping sees BTC fall and BCH surge
Bitcoin.com co-founder and CTO Emil Oldenburg has sold all of his Bitcoin and switched into Bitcoin Cash, citing performance issues, according to a recent article on Swedish tech site Breakit . Oldenburg said that Bitcoin's current performance was unacceptable with slow confirmation times and high performance fees blighting the token. Overnight trading saw BTC fall by around 3.5% to $18,290 while BCH jumped 20% to hit a new peak of $2,400. Thomson Reuters also added BCH to their Eikon platform - the third cryptocurrency after Bitcoin and Ethereum (ETH) - putting it in front of 300,000 investment professionals.
Bitcoin Cash Price Chart (BCH) Four Hour Timeframe (December 3 - December 19, 2017)
Altcoins Continue to Benefit From Switching
The rest of the cryptocurrency market continued to push ahead with a wide range of tokens hitting fresh all-time highs. Ethereum (ETH) hit a new high around $850 before drifting back, along with Litecoin (LTC) and Ripple (XRP). The altcoin market is benefiting from switching out of Bitcoin as traders look at the price of a coin as well as the underlying company profile. The total cryptocurrency market capitalization hit $640 billion in early European trade, driven by altcoin outperformance.
We will be looking at a range of cryptocurrencies at our Weekly Bitcoin Webinar on Wednesday at 12:00pm.
Cryptocurrency Market Prices and Capitalizations - December 19 , 2017
--- Written by Nick Cawley , Analyst .
To contact Nick , email him at email@example.com
Follow Nick on Twitter @ nickcawley1
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.