Price of Bitcoin Cash Increase Briefly, Sent Market Cap Overtaking Ethereum as Price Drop of Bitcoin Continues

The cryptocurrency that was hived off from bitcoin, Bitcoin cash, has soared.

According to coinmarketcap, on Friday, Bitcoin cash had shot above $1,900, more than double its value, when it had already reached a three-month high.

It has been sent higher off the back of the suspension of a proposed bitcoin fork.

Because of a lack of agreement in the bitcoin community, the Segwit2x split was called off. An earlier split of the bitcoin blockchain already went ahead and produced bitcoin cash.

Meanwhile, early on Sunday morning, bitcoin dropped below $6,000, even though it has recovered some ground and was at $6,224 at pixel time.

On Sunday morning, the surge of Bitcoin cash had briefly placed the market cap of the cryptocurrency at over 30bn early and above that of ethereum, making it the second most valuable in the world behind bitcoin.

The Segwit2x fork was intended to increase capacity, and the latest volatility arrives amid a scaling debate.