Bitcoin Price Tumbles to $9,300, Bitcoin Cash Price Hits $11,000
Posted On October 8, 2021
Bitcoin price dropped sharply to a record low on Thursday, but Bitcoin Cash prices rebounded to their record highs, as investors scramble to find value.
Bitcoin dropped more than 9,300 percent to $11.07, while Bitcoin Cash rose almost 7,000 percent to a new all-time high of $11; the latter was a record high for the cryptocurrency.
Bitcoin Cash is up more than 1,200 percent since it was first traded in December.
The volatile price movement prompted investors to rush to the exchanges, where they bought Bitcoin Cash at around $11 each.
But, as the day went on, the cryptocurrency’s price began to decline.
Bitcoin’s decline has pushed the cryptocurrency closer to its two-year low of $5,742, and Bitcoin Cash’s recent rise has led to more bullish forecasts for both coins.
“It’s still too early to tell whether Bitcoin will recover or not,” said Andrew Lefkowitz, an analyst at ConvergEx Group.
“The last time it hit $10,000 was back in February.
It could be a sign of things to come.
But right now, the best case scenario for Bitcoin is for the price to stabilize, and if it doesn’t, we’ll probably see Bitcoin Cash rise to around $10 a coin.”
A few other factors are likely behind the bitcoin price’s plunge: Bitcoin has been trading at a price above $10 for months, but the price is now well above $11 as of this writing.
Bitcoin has also suffered a lot of volatility since the end of last year, and investors are now buying in on the price swings, as it becomes more difficult for the coin to regain its previous peak.
Bitcoin is up over 10,000% since it first hit $1,000 back in November 2017.
But bitcoin’s rally has been fueled by a few big events, such as the DAO hack, which saw the theft of the Ethereum blockchain’s smart contracts and caused massive price volatility.
But even if the price falls back down to the current $10 level, it still represents a massive opportunity for Bitcoin Cash.
As of now, Bitcoin is more valuable than Bitcoin Cash, with a $2.5 billion market cap, and the cryptocurrency has an estimated market cap of $40 billion.
A surge in bitcoin prices could make it difficult for bitcoin holders to buy more than $11 worth of bitcoin, and could lead to more people looking to diversify their holdings, as they don’t have access to the more volatile coins.
Bitcoin price can be a tough price to swallow, and many people are looking for value, as evidenced by the price of gold and silver rising dramatically in recent weeks.
But if bitcoin stays at $10 or even closer to $10.00, it could provide investors with some much needed relief.