Bitcoin Cash Briefly Replaces Ether as The Second Largest Cryptocurrency
BitCoin Cash Briefly Tops Ether as the Second Largest Cryptocurrency
Last Sunday, Bitcoin Cash’s market capitalization briefly topped that of Ether, this makes a break off cryptocurrency from bitcoin, Bitcoin Cash briefly replaces Ether as the second largest cryptocurrency by market value for some hours. Ether is the digital token of the Ethereum blockchain.
At 2:29 am ET on Sunday, the Bitcoin Cash’s market capitalization of rose to more than $41 billion – Industry website Coinmarketcap. It, however, dropped to $22 billion at 10:30 pm ET.
Ethereum co-founder, Vitalik Buterin, congratulated backers of the bitcoin offshoot on Twitter. In his reply to a Twitter user who asked about bitcoin’s dominance, Vitalik replied: “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.’’
Bitcoin hard fork shelved
The Bitcoin cash’s price rallied after plans for a supposed “hard fork” in the original blockchain has been scrapped by developers. This is because the digital currency reached a record high of $2,577.11 Sunday at 1:49 a.m. ET.
Many people within the bitcoin community had hoped for an upgrade to the blockchain known as SegWit2x to accelerate transactions. This upgrade would have possibly led to another split in the blockchain. Though it was scheduled that the upgrade would go ahead this month. However, it has been shelved as a result of waning support.
Blockchain is the technology that supports cryptocurrencies like bitcoin. It records all transactions of the digital cryptocurrencies on a different network instead of one centralized server.
Two previously carried out hard forks have resulted in the generation of new cryptocurrencies, of which bitcoin cash is one of them. Once the blockchain is forked, people who invest in bitcoin will receive one new digital coin for every bitcoin they own.
A split that took place last month gave rise to Bitcoin gold. According to developers, the bitcoin gold blockchain was officially launched Sunday. According to Coinmarketcap, bitcoin gold futures were traded at $273.54 on Sunday at 10:30 pm ET.
The Bitcoin price fell to $5,507 on Sunday, this is the lowest ever price it has gotten to since the beginning of this month from the $7,879 it topped for the first time about a week ago.