Bitcoin Cash has performed well in the latest bit of good market movements across the board, outperforming a lot of the major coins in the top 10. To this end, analysts are expecting there to be a bit of a break out on the horizon for Bitcoin’s biggest rival.
However, the real star of the show has been Monaco, a cryptocurrency card that has partnered with Visa in Singapore to aid in making cryptocurrency payments easier. On news of the card being listed on Bithumb, one of South Korea’s biggest exchanges, the coin’s price doubled.
Double the value
Monaco, a company that has been trying to navigate the sticky arena that is cryptocurrency cards, has made grounds with Visa, and Singapore in recent months. They announced their partnership in November last year.
Visa approved a prepaid card backed by Monaco as the world’s largest payments network continued its foray into digital currencies.
The latest news for Monaco though is that its token, MCO will be listed on Bithumb. The news was incredibly well taken as a massive spike in the price of Monaco saw it go from $9 to $19 in a just under an hour. That represents a gain of 110 percent over the last 24 hours.
Bitcoin Cash Brewing
Monaco is now 61st in terms of market cap and has a cap of $290,247,972, but in terms of a little more established coins, there is positive news for Bitcoin Cash.
This week, Bitcoin Cash jumped as much as 16 percent on one day as its price came close to topping $900. While many coins near the top of the pile have seen good gains, the Bitcoin Cash growth has been just that little bit better.
And while it is not exponential or outlandish, the feeling is that it could be the precursor to a big break out around the corner.
There was no immediate catalyst for the coin’s gains; some analysts believe that a larger breakout is looming as volatility and trading volumes continue to grow. Bitcoin cash also has the perception of being undervalued, even in light of the recent price recovery. Traders looking to buy the dip still have plenty of opportunity with prices still down a full 78 percent from the December record.