The crypto market reacted negatively to the news, Bitcoin (BTC) dipped to lows of $60,048 while the majority of Altcoins are in the red. Amid the market declines, selected tokens such as Bitcoin Cash (BCH, +19.77%), Litecoin (LTC, +11.76%), THETA (+21.25%), Verge (XVG, +33.81%) Bitcoin SV (BSV +25.41%), IOTA (+13.94%), NEO (+22.64%), Ethereum Classic (ETC +63.83%), Chiliz (+13.22%), Siacoin (SC,+29.66%), Decentraland Mana (+12.75%) are seeing explosive moves.
Notable gainers in the last 24 hours apart from Dogecoin remains Ethereum Classic (ETC) which has rallied by more than 100% in the last 48 hours. ETC rose from lows of $21.41 on April 15 to intraday highs of $46 on April 16 and Verge (XVG,+33.81%).
Bitcoin Cash is a hard fork from the Bitcoin blockchain, created in August 2017. Compared to Bitcoin, proponents claim BCH fees are quite lower while transactions also tend to take less time to clear and require fewer resources. On Mar. 24, Bitcoin Cash (BCH) fell to lows of $442 after Tesla’s CEO, Elon Musk rejected using it for payments.
Bitcoin Cash rose from the doldrums following Latvian airline airBaltic and Paypal adoption. In late March, Latvian airline airBaltic announced that passengers can now pay for flight tickets using Bitcoin Cash (BCH) and other selected cryptos. Online payments giant PayPal also revealed that it might start to accept cryptocurrency (Bitcoin Cash inclusive) as a medium of exchange at its millions of global merchants. As of press time, Bitcoin Cash traded at intraday highs of $1,104 after four days of impressive bull run.