Bitcoin cash surges 40 per cent in single day

Paterniano Del Favero
Agosto 20, 2017

The digital currency exceeded a $500 mark on Friday morning and continued its rally on Saturday moving past $900 for the first time.

Hayter added that with gains in bitcoin cash's price it had become more profitable and easier for miners to mine bitcoin cash versus bitcoin, contributing to further gains in the price of the offshoot currency.

Bitcoin cash rose 40 per cent from Thursday's close of $460.53 to briefly hit $655 last afternoon, according to CoinMarketCap, the highest since bitcoin cash touched $756.93 on 2 August, the day after bitcoin split into bitcoin and bitcoin cash.

The price surge means that Bitcoin Cash is now the world's third biggest cryptocurrency by market capitalisation, behind Bitcoin and Ethereum. The cryptocurrency has overtaken Ripple, which fell to the fourth position and now has a valuation of $5.9 billion.

Overall, the market is still trending up, with the market capitalization across all cryptocurrencies now at $146 billion - down slightly from a record high of $147.2 billion set at around 8:00 UTC this morning.

Another factor that is driving the price of bitcoin cash is the growth of trade volume, which is mainly registered on South Korean exchanges. Additionally, the bitcoin blockchain charges higher transaction fees of $6,000 per block on bitcoin, while bitcoin cash has lower fees of a maximum $50 per block. Local exchanges, including Bithumb, Korbit, and Coinone, accounted for more than 50% of the total BCH trading volume. Besides, there has been a several-hundred million dollar growth in BCH/USD and BCH/BTC trading.

The split in the two currencies was driven by disagreements in the Bitcoin developer community over transaction speeds. The original bitcoin has a one megabyte block size and is set for an upgrade to a two megabyte block this fall.

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