Bitcoin Cash yesterday rose to the second position with a market cap of $29.9 billion after flying above $1,500 to $1,856 in price, beating Ethereum to the third position with $29.3 billion according to CoinMarketCap. Bitcoin Cash is now valued at more than $30 billion in volume.
That jump prompted Vitelik Buterin of Ethereum to congratulate RogerVer of Bitcoin Cash last night on twitter and commented further on blockchain diversification being experienced among cryptocurrencies today.
“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,” said Buterin.
However, Ethereum has since returned to the second position as of 13th November with $29.1 billion in market cap while Bitcoin Cash is third at $27.8 billion.
Jump motivated by SegWit2X decision
Bitcoin Cash price reached a record of $800 on Friday and then rose by 80 percent on weekend. Since it is to put the total rise at 188% in the past 7 days.
It appears this rise was a reaction to the markets after the stopping of the SegWit2X hard fork, a Bitcoin hard fork that was meant to increase Bitcoin’s block size but was finally stopped last week for lack of consensus. It was expecting to create Bitcoin Classic.
Although the decision to stop the hard fork was welcome by many developers and technologists. Some miners and entrepreneurs feel that people will begin switching to blockchains that better accommodate their ideas and ideals. Bitcoin Cash was, over the week, proving to be a that viable choice for people willing to migrate. It is an early and active group to migrate appearing to be bitcoin’s miners. These Bitcoin supporters have been switching allegiance to promote Bitcoin Cash after the shutting down of Bitcoin Classic.
Bitcoin has also been facing issues such as market pressure. Since that led to the price declining from $7,900 to near $6,000. The blockchain has also been facing scaling issues and slowed transactions.
Some arguments relating to SegWit2X hard fork says Bitcoin Cash is set to rule the crypto market in hashing power. And as Bitcoin shed about 30 percent of its mining power in the past month, Bitcoin Cash hashing power went up and passed Bitcoin’s in the last 24 hours.
The Bitcoin Cash Korean market, which surpassed $11 billion, also boosted the trading volumes for Bitcoin Cash.