The cryptocurrency news today show a rather unusual activity as of lately, where Bitcoin Cash outperforms its “bigger brother” as the sideways trading continues. Meanwhile, altcoins are showing more promise at the moment and BCH is leading the way. The Bitcoin forked altcoin could be benefiting from the recent reshuffle from the mining giant Bitmain.
As we can see, the top performing crypto asset today is Bitcoin Cash. BCH managed to build on the weekend momentum while Bitcoin (BTC) is trading sideways and is right now loses momentum with a 2% decrease.
The Bitcoin Cash news show that the $300 mark was hit a couple of hours ago, before a slight pullback to just over $292. As Bitcoin Cash outperforms Bitcoin, many analysts put their bets on the altcoins as the leader of the so-called ‘altseason’.
At press time, Bitcoin Cash (BCH) is one of the best performing altcoins on the day. Since the rally took off late last week, BCH has made 33% and outperformed BTC which has meanwhile held on to the 25% gains lately.
What’s also possible is that the move for BCH may have been initiated by a power struggle and a major reshuffle at the mining giant Bitmain, which was reported to acquired a lot of BCH tokens back in 2017. When news broke about the co-founder of Bitmain being dismissed, many people feared him dumping the 36.5% stake that he has in the company and releasing his Bitcoin Cash (BCH) tokens on the market.
As Bitcoin Cash outperforms Bitcoin, the helm for Bitmain is left to the fellow co-founder Jihan Wu, who is one of the largest proponents of BCH along with the early Bitcoin investor Roger Ver. The development has been very good for the BCH prices.
Meanwhile, Ver remains confident about the future of BCH and continued to extol the virtues at a recent blockchain convention in London.
“I haven’t purchased any Bitcoin Cash yet but following this interview with Roger Ver I am seriously considering it! From what Roger says BCH is gaining retailers thick and fast, plus the app he showed me sets up a BCH wallet in seconds…very impressive stuff,” Ver said.
The other news show that BTC is still consolidating but Ether (ETH) managed to get a new lift today as it adds a couple of percentages to stay near the $190 mark.
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