Bitcoin cash is the third largest crypto currency in the world

Monday, August 21, 2017

For a day, the cost of bitcoin cash grew by 70%, overstepping the threshold of $ 500 per coin. This made the new digital asset third in terms of capitalization among all the Crypto-currency

The cost of crypto currency bitcoin cash at the auction on August 18 exceeded the threshold of $ 500 per unit, according to the data of , an aggregator of trade information from stock exchanges, crypto-currencies. At 00:49 Moscow time, the bitcoin cash rate reached a record high since August 2 - $ 567 per coin. As of 14:55 Moscow time, bitcoin cash is trading at $ 498.58, which is 66.1% more than the closing price on August 17. Then the value of the currency was at around $ 300.

The capitalization of bitcoin cash thus rose to $ 8 billion, which moved the digital asset to the third place in the ranking of virtual currencies by capitalization. At the same time, bitcoin cash shifted the Ripple's crypto currency, fourth place, at 14:55 Moscow time, to $ 6.1 billion. The first and second places in terms of capitalization were in the classic bitcoin ($ 71 billion, current $ 4345) and ethereum ($ 28.8 billion , The current rate is $ 306.67).

Bitcoin cash is a new crypto currency, which appeared in August as a result of the division of bitcoin. Its isolation from the classical bitcoin was due to the fact that some of the miners (those who provide their computing resources for the mathematical task of verifying and implementing bitcoin transactions) and the owners of crypto currency offered to replace the existing bitcoin protocol with the new SegWit2x protocol. This replacement should help to increase the speed of transactions and reduce the amount of commission. Since not all market participants agreed to this change, a special branch - bitcoin cash with a new protocol and a larger block size (transaction data warehouse) - was allocated from 1 to 8 MB. The day after the separation, on August 2, bitcoin cash reached a maximum cost of $ 756 per unit, and then drastically moved to a decline,

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Block consultant and representative of the project Lisk in Russia, Denis Smirnov, explains such a sharp increase in the bitcoin cash rate by the fact that on August 17 the block of 8 MB was successfully produced in the BCH network, which caused a great joy among the investor community. "Bitcoin shash finally became really different from the older brother," says the expert.

The head of the consulting group for advanced technologies KPMG Nikolay Legkodimov adds that on August 16-17 the bitcoin cash network finally managed to demonstrate its resistance to increased load and this positively affected the price of the crypto currency. "The congestion caused by the anomalous load of 80 thousand transactions was quickly cleared by blocks up to 8 MB. This is the advantage that was expected from the new crypto currency and which is not available in the classic bitcoin, "he explains.

Another reason for the growth of the value of the crypto currency is that the other day in the bitcoin cash network the algorithm for adjusting the complexity of mining has been changed, Dmitry Smirnov adds. "It became clear that the complexity of mining can change much more often than in bitcoins. With some probability in the coming days, this will happen - the complexity of the bitcoin cash mining will drop, which can make this particular currency more profitable, "he says.

The dynamics of bitcoin cash could also be influenced by favorable news on the crypto-currency market. "As part of the expansion of the range of digital asset management services, Falcon Private Bank, based in Zurich, announced that it will be ready to work with eThereum (ETH), litecoin (LTC) and bitcoin cash (BCH) crypto-currencies from August 22," says the co-founder of the crypto fund The Token Fund Vladimir Smerkis. In addition, the volume of bitcoin cash trades in the Korean markets has sharply increased, which could have a positive effect on the course of the crypto currency. "More than 50% of the total trading volume of bitcoin cash in the last 24 hours was accounted for by Korean exchanges Bithumb, (38.45%), Korbit (7.72%) and Coinone (5.80%)," specifies Smerkis.

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According to the expert's observations, now the volume of speculative purchases of bitcoin cash is growing in the market, as investors expect a depreciation of bitcoin. In the first weeks of August, the course of the latter persistently updated the historical maximum. So, on Sunday, August 13, he stepped over the mark of $ 4 thousand. It is assumed that in the near future the course will be adjusted.

However, the director of FinEx technical support of BankEx Dmitry Dolgov believes that the growth of bitcoin cash is a long-term trend. "The currency is growing for a fundamental reason. For almost the entire first half of the summer, the market was in a state of uncertainty, as it was waiting for the reaction of the crypto community to SegWit (the technology used to unload the bitcoin network - RBC ). When the crypto currency was divided, the market remained satisfied. This contributes to the growth of both bitcoin and other crypto currency, "he sums up.

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