Bitcoin Cash leads the way following Tax Day
On the day after the Tax Day deadline of April 17, Bitcoin Cash leads the way of the top cryptocurrencies.
While the majority of the top ten cryptos saw little movement today, Bitcoin Cash (BCH) shot up by around 14%.
At the time of press, Bitcoin Cash is currently trading at around $890, according to the Coin Thud live price charts.
This rise puts BCH up by roughly $130 on yesterday.
A number of Wall Street strategists were predicting a price slump for cryptocurrencies ahead of Tax Day.
Digital currency investors are thought to have sold cryptocurrency to free up cash to pay taxes.
Ahead of Tax Day, Tom Lee of Fundstrat Global Advisors was predicting that prices would rebound shortly after the deadline.
According to Lee, selling pressure would ease-off after Tax Day.
Cryptocurrency markets are recovering
Although, it is Bitcoin Cash that is leading the way regarding gains.
It isn’t immediately clear why the fourth-largest digital asset by market cap is leading the pack.
Speaking to CNBC on Tuesday evening, CEO of crypto fund BKCM, Brian Kelly, was encouraging viewers to buy BCH.
Kelly told the audience that Bitcoin Cash has “been left for dead” but “it’s not dead yet.”
Values for Bitcoin Cash didn’t see an immediate uptick after his comments, however.
The price for BCH saw rises starting between 2 and 4 a.m. Eastern Time, on Wednesday morning.
Divisions between the Bitcoin Cash community and those who support the original Bitcoin run deep.
Bitcoin Cash separated from its namesake bitcoin in August 2017.
Since then, it has been accused of misleading investors by piggy-backing off the famous Bitcoin name.
The newer crypto includes the history of the original Bitcoin’s transactions up until the “hard fork” split.
Since the fork, the two cryptocurrencies are unrelated except for their shared name and history.
Vocal cryptocurrency millionaire, Roger Ver, aka “Bitcoin Jesus” is an active supporter of Bitcoin Cash.
Ver owns bitcoin.com and refers to Bitcoin as “Bitcoin Core,” much to the disdain of the Bitcoin community.
He has also appeared on numerous talk shows to promote the digital coin, including the conspiracy theory site InfoWars.