Bitcoin Cash hits $7-billion market cap in one day
Bitcoin Cash (BCH/BCC) reached a market cap of over £7 billion just hours after listing on cryptocurrency exchanges, making it the third-biggest cryptocurrency in the world. The new currency was created after a fork of the Bitcoin blockchain, caused by its adoption of the SegWit2x scaling platform. Bitcoin miners initiated a user-assisted soft fork (UASF) earlier this month to adopt the platform and improve the blockchain’s scalability.
Bitcoin Cash is backed by miners who opposed the move to SegWit2x and wish to keep the blockchain block size at 1MB. Users who owned Bitcoin before the fork, and owned their private wallet keys, will have an equal amount of Bitcoin and Bitcoin Cash – with their duplicate balances existing on each blockchain. Bitcoin has seen a small decline in value following the fork and is currently trading at around £2,750.
Bitcoin Cash is trading at £440.
- ^ market cap of over £7 billion (coinmarketcap.com)
- ^ World’s biggest Ethereum hackathon coming this year (mybroadband.co.za)