Rapid Growth Of Bitcoin Cash Sees The Asset Briefly Become The Second Largest Cryptocurrency By Market Cap
eToro, the leading global trading and investing platform, is making Bitcoin Cash available to own directly via its platform, as it seeks to simplify the process of buying cryptos, and help bring the technology into the mainstream.
After plans for a second ‘hard fork’ in Bitcoin were shelved late last week, throwing into question the ability of the cryptocurrency to scale effectively, the price of Bitcoin Cash – an alternative to Bitcoin created out of an earlier hard fork – began to rally significantly. The rally briefly meant that Bitcoin Cash became the world’s second largest cryptocurrency by market cap.
Bitcoin Cash joins over 1,200 instruments on eToro, including other cryptocurrencies Bitcoin, Ethereum, Ethereum Classic, Litecoin and XRP. As with other cryptocurrencies on the eToro platform, users can buy Bitcoin Cash coins.
The launch is part of eToro’s wider ambition to simplify cryptocurrency investing and act as an accelerant for the adoption of blockchain technology.
Commenting on the launch, Yoni Assia, co-founder and CEO at eToro, said: “The popularity and support for Bitcoin Cash has been clear amongst our user base, which has been asking for eToro to add Bitcoin Cash to the platform in growing numbers.
“The growth of Bitcoin Cash proves there is space for healthy competition in the battle for the future of currency.
“We have long argued that cryptocurrencies represent an important part of our shared future. We believe the growth in cryptocurrencies is only just beginning and that the price growth we are seeing in cryptocurrency assets still does not reflect the future potential of blockchain technology.”
“Cryptocurrencies will be the investment story of the 21st century.”
Purchasers of Bitcoin Cash will benefit from eToro’s fast verification procedures, security processes and established reputation, alongside a user-friendly platform and access to a community of six million experienced traders and investors.