Bitcoin Cash Archived all-time high to 3700$ gaining 54% high in the 24h span. The surge was expected to happen since the bitcoin price soars down to earth losing $2000 dollar withing 6h period.
Reason for the surge is the announcement of Coinbase to support Bitcoin cash, Hikes the price abruptly. Since the announcement been made coinbase halts the trading for bitcoin cash.
[status] Monitoring: All BCH books will enter cancel-only mode, and all existing orders will be cleared. While in c… https://t.co/em9E3MKsrU
— GDAX (@GDAX) December 20, 2017
The Price hiked to 8500$ which is 3 time the $3500 after the Coinbase made the halt for trading bitcoin cash.
Since then there seems to be a lot of confusion in the price if $8,500 price was accurate or not. But since no other exchanges are showing similar prices, it’s very likely that this $8,500 price was some sort of pricing glitch and not the actual price the broader market was assigning to Bitcoin Cash.
The trading cause the Overall Market Cap to shrink below $600B which soon recover and make above $610B.
Bitcoin Cash is the third largest Cryptocurrency asset with the market cap of $50 Billion (20dec 2017).