Bitcoin Cash (BCH) is having an amazing week – gaining 140 percent over the last seven-day stretch. In just the past 24 hours, it has nearly doubled in value from near the $2,000 mark to the $4,000 mark. It was the first time that this cryptocurrency, which is currently the third-most valuable coin on the market, surpassed $3,000.
The unexpected rally came on the heels of news that Emil Oldenburg, Co-Founder and Chief Technical Officer of Bitcoin.com, sold all his Bitcoin (BTC) and bought Bitcoin Cash (BCH) to replace it.
What is Bitcoin Cash (BCH)?
In August of this year, Bitcoin Cash (BCH) was hard forked from Bitcoin (BTC) – which means that the blockchain technology of BTC was cloned and a new, extremely similar crypto-coin was born. When it was forked, developers made certain adjustments to Bitcoin Cash in order to improve upon what was seen as limitations associated with the original Bitcoin protocol.
The hard fork was voted on by the Bitcoin mining community, and once the new cryptocurrency was launched it was already 30 percent more profitable to mine than its predecessor. On top of that, Bitcoin Cash (BCH) has shorter transaction times.
In just a few days after its introduction, Bitcoin Cash (BCH) was already the third-most valuable digital currency – lagging behind original Bitcoin and Ethereum. It has briefly been surpassed by Ripple (XRP), but it quickly regained its third-place spot.
The author of this article does not own any of the assets mentioned above.