Bitcoin cash is surging Thursday morning.
The world’s fourth largest cryptocurrency, which split from the flagship bitcoin in August 2017, is up more than 27% over the last 24 hours, and is currently trading at $1,216 a coin, according to Markets Insider data.
That jump far outpaces the overall crypto market, which is largely unchanged at a market cap near $400 billion, according to CoinMarketCap.
Bitcoin cash’s gains are steep, but the digital currency still has plenty of room to go in order to get back to its 2017 levels. Bitcoin cash began the year above $2,000, after peaking at $4,053 in late December.
All major cryptocurrencies have had a rough start to the year. So far, 2018 has been marked by massive price swings, often as much as 10% in either direction.
Bitcoin bottomed out below $6,000 last week, and prices of all major cryptocurrencies plunged, fueled by fears of a cryptocurrency crackdown in India after the country’s finance minister said the government would not recognize crypto as a legitimate form of currency.
That anxiety has mostly cooled thanks to an announcement from the country’s secretary of economic affairs saying the country will set up a panel to examine trading of crypto assets that will report its findings next month.
Bitcoin is also up Thursday morning, though only 11%. The tight correlation between most cryptocurrencies is a big worry for Goldman Sachs’ head of investment research.
“The high correlation between the different crypto currencies worries me,” Goldman’s Steve Strongin said Monday. “Contrary to what one would expect in a rational market, new currencies don’t seem to reduce the value of old currencies; they all seem to move as a single asset class.”
The price of bitcoin cash has risen and fallen as dramatically as bitcoin in recent months. Here’s a look at its peak and resulting decline:
Track the price of bitcoin cash in real-time on Markets Insider>>