The result of the first hard fork of Bitcoin, Bitcoin Cash is obliterating any competition in the cryptocurrency markets today. The unit is trading 37 percent higher at just over $870. The move higher is a direct result of the cancellation of the Segwit2x project that was meant to increase the block size of bitcoin to 2MB.
With a block size of 8MB and several teams of developers that are competing to create a better version of Bitcoin, today’s price action across cryptocurrency markets shows that it is well on track.
Korean (or Chinese?) Buyers Drive Prices higher
While overall market capitalization of cryptocurrency markets declined by over $10 billion to $210 billion, the market share of Bitcoin Cash rose. Starting the week at below 5 percent the cryptocurrency’s current market cap is just below 7 percent as of writing.
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The number is still below its all-time highs in dominance relative to other cryptocurrencies of just over 10 percent on the 19th of August. With a hard fork coming up for Bitcoin Cash next week, the currency is in strong demand, triggered in the aftermath of the Segwit2x announcement on Wednesday.
Among the 20 most traded cryptocurrencies today, Bitcoin Cash is the only one that has rallied today. Bitcoin is down 7.5 percent, Ethereum is lower by a tad over 8 and Litecoin has shed over 9 percent of its value.
Trading volumes of Bitcoin Cash are close to the normal daily volume of Bitcoin in recent weeks. Almost half of the transactions were executed in Korean won via Bithumb today.
The BCH/BTC exchange rate is hitting its highest level since September, rising 50 percent in today’s trade. After the early days of the hard fork in the beginning of August, this is the best day for Bitcoin Cash holders.