After the news related calling off of plans for a original bitcoin blockchain, bitcoin cash prices rallied to all time highs. The split away cryptocurrency from Bitcoin temporarily became the second largest cryptocurrency in terms of market value on Sunday.
According to CNBC, bitcoin cash jumped to a market cap of more than $41 billion on Sunday according to Coinmarketcap data. But soon after few hours it dipped to $22 million on the same day. But temporarily Bitcoin Cash surpassed the market capitalization of rival digital coin ether. Ether is the digital token of Ethereum blockchain and has been the second largest cryptocurrency in terms of market cap. This made Bitcoin Cash the second largest market currency for a number of hours.
The co-founder of Ethereum, Vitalik Buterin congratulated the supporters of Bitcoin Cash on Twitter and shared the statistics too.
Hard fork for original Bitcoin blockchain scrapped by the developers
The rallying of Bitcoin Cash prices took place just after the news that hard fork in original bitcoin blockchain was shelved by the developers. On Sunday 1.49 AM ET, the digital currency reached an all time high of $2577.11.
There was a good hope in the market for a SegWit2x upgrade for speeding up of transactions. This could result in another split in the blockchain. The plan was to go ahead with this in the current month but due to lacking support, it could not be materialized.
Bitcoin Cash is the result of a previous hard fork. Two hard forks done previously had resulted in the origin of new cryptocurrencies and Bitcoin Cash is one of them. Bitcoin Gold was created in another split happened last month.
The Bitcoin price jumped down to $5507 on Sunday which has been the lowest from the start of this month. The all time high of Bitcoin $7879 happened for the first time less than a week before.