The price of Bitcoin Cash, the new born cryptocurrency which came into being after the hard fork of August 1st, underwent a massive hike in price following market sentiments swinging in favor of Bitcoin Cash speeding up transactions. According to data published by CoinMarketCap.com, the price of Bitcoin Cash hiked up by 40% given the recent turn of events from closing at $460.53 on Thursday to hitting $655 ceiling on Friday afternoon. This is the highest price ceiling touched by Bitcoin Cash since $756.93 reached on 2nd August just a day after the hard fork.
However the volatility question could not be ignored given the fact that Bitcoin Cash dropped down to $293 on Thursday before peaking up to $460.53. Bitcoin Cash miners demonstrated the improved support of eight megabyte block size in comparison to the one megabyte blocksize supported originally by Bitcoin. Blocks form an integral part of blockchain technology limiting the transaction speeds of bitcoin.
According to Charlie Hayter the CEO of CryptoCompare, the latest blocksize of eight megabyte indicates the significant improvement of Bitcoin Cash functioning. In comparison to the traditional Bitcoin, mining the Bitcoin Cash is becoming easier and more profitable for the miners thus shooting up the price of this brand new cryptocurrency form. Investors holding Bitcoin who wished to proceed with the fork received Bitcoin Cash of equal denomination following the hard fork.
Bitcoin traded at $4220 swinging down by two percent on Friday after crossing the top mark of $4,522.13 on Thursday. Even with Friday’s low, the $70 billion market value of Bitcoin remained approximately four times greater in comparison to the yearly average.
Ethereum, another form of cryptocurrency dipped down by 3% at $292. The market capitalization of Ethereum is at $28 billion and has gained the second slot in the digital currency market. After its exceptional performance on Friday, Bitcoin Cash gained third posotion in the list of top ten cryptocurrencies.
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