- Bitcoin Cash
- Price $568.05
- Market Cap
Bitcoin cash is commonly mistaken for Bitcoin, and although there are of course similarities, the two are very different platforms. On the 1st August 2017, Bitcoin went through a hard fork, meaning that Bitcoin cash came into existence. But why did this happen?
The Creation Of Bitcoin Cash
A group of community members decided to develop a different bitcoin, which had a range of different characteristics from the original. They felt the need to build it because there was a lack of progress on bitcoin’s scaling debate, and some people were unhappy about the decision to go ahead with the Segwit Upgrade. It also had the overall goal of increasing the number of transactions that could be processed by the network, hoping to be able to compete with other transaction giants such as PayPal and Visa.
The new version increased the block size from the 1mb of transactional data that Bitcoin could store, to a much bigger 8mb. It also excludes SegWit, used different wallets and addresses and varies dramatically in price.
The trigger for creating this new cryptocurrency came about around May 2017. As bitcoin became ever more popular, the MB limit for every block started causing blocks to pile up. This caused extended transition times, with some people having to wait up to 4 days for confirmation. Users had the choice to pay higher transaction fees to speed the process up, but for many, this was just not good enough.
In The Beginning
In July 2017, Bitcoin cash was showing on price charts with a value of $347.83. At the same time, the price of Bitcoin was at $2873,83. It is clear to see that there is a significant difference between the two coins, despite one coming off as a fork from the other. Both coins have fluctuated in value since their inception into the market, but it is important to note that, despite being round a much shorter period of time, the fluctuation of Bitcoin cash has been a lot less dramatic.
The Changing Value Of Bitcoin Cash
By the 6th August, the price of Bitcoin cash had already dropped down to $223, however this drop in value did not last long at all, and just 13 days later, on August 19, the price of Bitcoin cash had reached just over £1000. This was a difference of 132% in less than 2 weeks. The market struggled to maintain this value however, as September 2017 saw Bitcoin cash valued at $645.52, and staying at a similar level for the rest of the month, closing at $445.
October saw prices as low as $200 though to nearly $500, at the end of the month reaching a peak of $526.12.
Hitting Four Figures
Much to the delight of investors, its price skyrocketed again on November 10th, reaching a price of $1034.77. Just 2 days later, it reached even greater heights, rising over 82% to the price of $2,477.65, before going back down to $1000 for the rest of the month.
On December 14th, its price had nearly doubled again, reaching $2080.41, on December 20th it increased by 70% to the price of $4355.62, then averaged to the price of between $2000 and $3000 for the rest of the month.
The start of 2018 brought the value of Bitcoin cash back down to more normal levels, around the $1000 mark. It then dropped back down to 3 figures at the start of February, before levelling out again.