A press release claiming that US supermarket giant Kroger would accept Bitcoin Cash as payment caused the value of the cryptocurrency to spike. The hash rate of Ethereum has hit consecutive highs this year, even above the point at which its drop forced Chinese miners to migrate.
Bitcoin is rapidly gaining ground against gold in the top asset ranking, according to data from CompaniesMarketCap. MicroStrategy CEO Michael Saylor recently predicted that the pioneering cryptocurrency would replace all gold funds on the stock market within two to three years. He added that it would become the leading asset index for the Western market and eventually displace the SPDR S&P 500 ETF Trust (SPY).
Saylor, who has invested much money in the cryptocurrency, said it was necessary to have a Bitcoin spot ETF to achieve that. He believes that billions, tens of billions, hundreds of billions, and even trillions of US dollars will flow into those spot ETFs.
The executive added that those spot ETFs would hold underlying Bitcoin and serve as an institutional gateway for investors wanting direct exposure. BTC is currently trading at around USD 63,000 and has accumulated a 1.9% profit in the past week, according to CoinGecko.
A Fraudulent Press Release Causes the Price of Bitcoin Cash to Spike
A press release recently claimed that US supermarket giant Kroger would accept Bitcoin Cash as payment this Christmas. Consequently, the value of the cryptocurrency experienced a sharp increase, which did not last long as the information was false.
Following the fraudulent announcement, the value of the crypto asset rose by more than 4.6%. It went from around USD 602.63 to USD 630.70 in less than 15 minutes. After that, the price of BCH pulled back below the level it had before the publication. That fraud is similar to the one occurring in September, where they claimed that Walmart would start accepting Litecoin.
Bitcoin Cash is currently trading at around USD 600 and has accumulated a 2.7% profit in the past week. Its daily trading volume is above USD 8 billion, and its market capitalization is approximately USD 11.33 billion, according to CoinGecko.
The Bulls Are Not Very Determined Although the Price of Ether Increases
The price of Ether (ETH) continues to climb steadily, and the bulls do not want to give up control to the sellers. However, they do not seem to be very determined.
Ether is trading at around USD 4,626 and has accumulated a profit of 7.1% in the past week. Its daily trading volume is above USD 16.37 billion, and its market capitalization is approximately USD 549 billion, according to CoinGecko.
In general, fundamentals remain optimistic, although the congestion of the network is still causing trouble.
The hash rate of the Ethereum network has been hitting consecutive highs since January. It has even reached far above the point at which its drop forced Chinese miners to migrate.
Although that indicates the excellent health state of the network regarding security and adoption, fees are still high. The approval of a token to trade on Uniswap could lead to a charge of up to USD 50.
There is a growing amount of value blocked on two-layer networks due to that situation involving high operating rates. Those systems interact with the Ethereum virtual machine to offer cheaper fees.
By Alexander Salazar
