After a remarkable night of trading, early Sunday morning, Bitcoin Cash surpassed the market cap of Ethereum reaching an all-time high.
Bitcoin Cash has officially established itself as a worthy competitor after it reached $2,500 over the past weekend. The cryptocurrency reached a peak early Sunday morning and has since been trading at a lesser, yet strong price ever since, in the $1,100 to $1,500 range.
Bitcoin Cash began its course from a fork in the Bitcoin network which took place in August earlier this year. The cryptocurrency showed remarkable growth in the last weekend alone when it peaked at an all-time high of $2500. However, since Bitcoin Cash hit its peak, it plunged back down to $1525 only a few hours after which placed it back behind Ethereum’s market cap.
Nonetheless, the cryptocurrency showed immense growth, considering that the coin has previously traded at prices between $300 and $500. The co-founder of Ethereum, Vitalik Buterin, even took to Twitter to congratulate the Bitcoin Cash creators and community on the currencies remarkable gains.
— Vitalik Buterin (@VitalikButerin) November 12, 2017
Bitcoin Cash’s parent currency, Bitcoin has also shown remarkable growth as of late, especially when it hit an all-time high of $7828 just last week. However, Bitcoin has since been losing value, especially following the decision to cancel the SegWit2X fork which was scheduled for mid-November.
The SegWit2X split was decided upon to address the growing concern of increasing the underlying blocks within the Bitcoin blockchain network. By increasing the size, the network could process transactions at a faster rate. Advocates of the split argued that the SegWit2X split would address the network’s growing concerns regarding scalability.
In an interview with Business Insider, several cryptocurrency experts stated that most SegWit2X advocates were probably dumping their Bitcoin and backing Bitcoin Cash instead. Similar to the idea behind SegWit2X, Bitcoin Cash was suggested and carried out to address growing concerns of scale within the community.
According to the CEO of Nucleus Vision, Abhishek Pitti, current trends suggests that most SegWit2X supporters have decided to back Bitcoin Cash instead of Bitcoin.
Also, a managing partner of MultiCoin Capital, Kyle Samani, confirmed in a recent interview that the truly wealthy Bitcoin traders, especially institutional investors, were increasingly drawn to Bitcoin Cash over Bitcoin.
In his interview, Samani stated that earlier, wealthy investors who had already invested in Bitcoin were eagerly awaiting to see the results from the SegWit2X split. However, since the canceled fork, several wealthy investors have dumped their Bitcoin and turned towards Bitcoin Cash instead.
However, other experts, such the chief strategy officer at Blockstream, Samson Mow, the price increase Bitcoin Cash is currently experiencing is likely to be short-lived.
Mow stated that like other cryptocurrencies experienced in the past, Bitcoin Cash’s current price pump would soon die out. Mow also noted that the present price increase is already dying down as he thought there’s no true market for Bitcoin Cash.