After showing a 40% gain in 24 hours, Hshare is currently trading at $2.24 according to CoinMarketCap. Earlier today, the price was at $3.10 when TOPBTC’s rate of over $4 was being included in the overall HyperCash price.
Update (12:40AM PST):
Coinmarketcap’s automated script decided to exclude the TOPBTC price from the total HC price. As such, the price no longer shows the 50% increase. This usually happens when the price difference between certain exchanges exceeds a certain threshold.
Trading close to $2.6 million worth of Hcash in the past 24 hours, TOPBTC is the exchange leading this bullish rally. In fact, it traded as much HC as all the other exchanged combined.
What is Hshare / Hcash?
For those of you that didn’t know, Hshare is a token for HCash, a cryptocurrency designed to transfer value between blockchains. It supports private transactions, DAO governance and quantum resistance.
What sets it apart is the fact that the Hcash ecosystem has two chains running in parallel. The two chains are Hcash and the HyperExchange.
Why the price rise?
Part of the reason for the price spike is most likely the fact that the Hcash team is doing a Hshares (HSR) to Hyper Cash (HC) token swap. Some exchanges already did the swap, those include KuCoin, Binance, Huobi, Gate.io, and a few more.
The fact that the token swap has been successfully implemented is a win for the development team. As such, it makes sense that traders are excited about the new token – Hyper Cash.
Keep in mind though, even with the 50% price rise to the $3 level, that only brings the market back to early September levels. The real question is whether or not the Hcash price can hold above the $3 support and not crumble with the rest of the crypto market.
One interesting fact to look at is the discrepancy in prices for HC between TOPBTC and Binance. Hcash is trading at $3.94 on TOPBTC, but it is trading at only $2.10 on Binance.
While that may seem like an arbitrage opportunity at first, there is little background on the TOPBTC platform. Check out Forex Brokerz’ review of TOPBTC for more info on the exchange.
Looking at the HC/BTC trading pair on Binance we can see a triple bottom. We can only hope that HC’s price rise materializes on the larger exchanges such as Binance, OKEx, etc. However, as of right now, both exchanges are showing little volume.
Why do you think the Hyper Cash price rose so much? Do you think HC will rise on other exchanges than TOPBTC? Let us know in the comments section below!
Disclaimer: The above article is for entertainment and educational purposes only. This is not trading or investment advice. Please do your own research before purchasing any cryptocurrency from any exchange.
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