Bitcoin cash boosted by Bitmain IPO as crypto rally fades
Cryptocurrency prices were mixed on Thursday despite the standout gainer bitcoin cash providing support to the overall market capitalisation of the crypto sector.
The total market cap remained at $214bn, little changed from Wednesday’s figure as bitcoin cash rose more than 14% after Bitmain, the crypto miner and mining equipment maker announced its pending Hong Kong initial public offering (IPO).
It was revealed several months ago that Bitmain, along with its commitment to the crypto industry through its production of high-speed processors for the mining industry, was also a major investor in cryptocurrencies.
Along with significant investments in bitcoin and ether, Bitmain holds 1m bitcoin cash tokens – almost 6% of the total circulation of the token and currently worth around $530m.
A successful IPO for Bitmain would help underpin bitcoin cash as investors in the token look to invest in the development of its network.
Price round up
Elsewhere, prices were flat to lower: here’s a round up of the top 10 cryptocurrency at 11am on Thursday [London time]:
- Bitcoin +0.4% at $6,481
- Ethereum -0.9% at $212.54
- Ripple -1.8% at $0.52
- Bitcoin cash +14.2% at $521.72
- Eos +1.5% at $5.44
- Stellar lumens +0.9% at $0.25
- Litecoin +0.1% at $56.93
- Tether unch at $1
- Cardano -0.2% at $0.08
- Monero -0.2% at $113.33