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Bitcoin Cash Tops $1,500 Amid Generalized Cryptocurrency Upswing

Published 03/05/2018, 15:33
Updated 03/05/2018, 15:47
© Reuters.  Bitcoin Cash continues to pop on LBX addition amid wide-based buying in cryptocurrencies - Bitcoin Cash topped $1,500 on Thursday as it continued to benefit from its addition to the London Block Exchange (LBX).

At 10:30AM ET (14:30GMT), the Bitcoin offshoot, the fourth largest cryptocurrency by market capitalization, was up 8.2% to $1,513.37.

On Tuesday, the British multi-cryptocurrency exchange LBX announced that it would add both Bitcoin Cash and rival Ethereum Classic to its list of offerings due to “popular demand”.

Thursday’s upward move was generalized among the asset class with total market cap of cryptocurrencies rose to about $441 billion, at the time of writing, from about $434 billion on Wednesday, supporting a move higher other large-cap cryptos.

The largest cryptocurrency by market cap, Bitcoin, gained 1.7% in the last 24 hours to reach $9,431.00 on the Bitfinex exchange.

Ethereum rose 8.6% to $745.74 in the last 24 hours, while Ripple traded up 3.4% to $0.86386.

In other cryptocurrency headlines, social media platform Reddit will begin allowing payments from its gold members in cryptocurrencies. In an interview with Cheddar, chief technology officer Chris Slowe said that apart from Bitcoin, the site was exploring Ethereum and Litecoin.

Goldman Sachs had also boosted sentiment this week. The New York Times reported Wednesday that the investment banking giant plans to bitcoin futures on behalf of its clients, demonstrating the growing acceptance of digital assets.

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