Bitcoin and Bitcoin Cash swapped trajectories once again today.
Prices for the original coin had declined over the weekend and moved sideways Tuesday. Today, its price breached $7,000 once again, almost three weeks after it first crossed that mark. At 14:57 UTC, the cryptocurrency was trading at $7,183.29, up by almost 9% in the last 24 hours.
In the meanwhile, the price for Bitcoin Cash, which had surged by 300 percent over the weekend and was on the upswing again yesterday, slid by more than 6% to $1,255 as of this writing. (See also: Bitcoin Price Holds Steady But Future Spike May Be In The Cards.)
Both bitcoin and Bitcoin Cash accounted for the most significant movements among the top 10 most-traded cryptocurrencies. Other altcoins, which is another terms for digital currencies launched after bitcoin’s success, in the top 10 most-traded cryptocurrencies mostly held steady or showed price movement of less than 5%. But the overall market capitalization for cryptocurrencies shot up to $219.6 billion, a rise of more than $12 billion in the last 24 hours, on the back of an increase in cryptocurrency trading.
Analysts have mostly forecast an increase in bitcoin's prices before the year is up, with Goldman Sachs predicting an $8,000 price target for the cryptocurrency. (See also: Bitcoin Price Is Up Again And Could Go Higher.)
In the meanwhile, Twitter Inc. (TWTR) co-founder Jack Dorsey’s other company, Square Inc. (SQ), rose by 3% on reports that it is testing a service that enables users of its cash payments app to buy and sell bitcoin. Credit Suisse research analysts opined that the increase “could place SQ in an early-mover position as a mainstream fin-tech company providing cryptocurrency services.” “SQ is also well positioned to enable crypto transactions at the physical point of sale,” they wrote.
Square’s move places it in direct competition with Coinbase, the world’s largest bitcoin wallet. Across the pond, UK hedge fund Man Group, which has more than $100 billion under management, said it would add bitcoin as an investment option if the Chicago Mercantile Exchange added bitcoin futures to its derivatives universe. CME has indicated that bitcoin futures could start trading as soon as early next month.