Bitcoin Cash (BCH) one of the largest virtual currencies in the market, has skyrocketed in the last few days. According to data provided by CoinMarketCap, Bitcoin Cash grew more than 133% in just seven days. Just to make a comparison, the second largest price increase in the last week in the top ten was registered by Tron (TRX) growing over 58%.
Bitcoin Cash Leads the Top 10 Growth
Bitcoin (BTC) and other virtual currencies such as Bitcoin Cash have been severely affected by a bear market. This downtrend started back in December 2017 for some digital assets and in January for others. Most of them lost more than 80% since their all-time highs. Other coins lost more than 95%, which is the case of Bitcoin Cash.
Nonetheless, during the last few days, the market was able to recover and start growing again. Bitcoin moved from $3,250 up to $4,300, showing that it could continue growing in the future. But more impressive was what Bitcoin Cash experienced in the last week.
This popular virtual currency reached its lowest point close to $75.95 on December 15. On December 21, BCH was traded close to $220. That represents an increase of over 193% in less than a week.
At the time of writing this article, Bitcoin Cash is the 4th largest virtual currency. It has a market capitalization of $3.29 billion and each coin can be purchased for $187.
Bitcoin Cash experienced a network upgrade on November 15. At that time, there were two main proposals: Bitcoin ABC and Bitcoin SV. Each of these alternatives was backed by a group of influential figures in the crypto and Bitcoin Cash ecosystems.
A hash war started that did not allow any of these coins to succeed. However, Bitcoin SV announced that it took the decision to split from the BCH network. Bitcoin SV is now the 8th largest crypto with a market capitalization of $1.86 billion, ahead of Litecoin (LTC), Tron (TRX) or Cardano (ADA). Each Bitcoin SV (BSV) coin can be purchased for $106 billion.
During the last few weeks, both networks have been switching positions in the market. For just some hours, BSV was traded higher than BCH. Now, both networks are working as independent assets fighting for a place in the crypto space.
To learn more about Bitcoin Cash, start with this brief history of the differences between Bitcoin Cash (BCH) and Bitcoin.
If you’re looking to purchase BCH, we recommend using Binance.