- Bitcoin cash reached an all-time high of $2,500 a coin early Sunday morning, surpassing Ethereum as the second largest cryptocurrency on the market.
- The coin was trading up 14.7% at $1,525 by 11:35 AM ET.
Bitcoin cash had a wild night.
The cryptocurrency skyrocketed to an all-time high of $2,500 a coin early Sunday morning. It also surpassed Ethereum as the second largest cryptocurrency by market cap, according to CoinMarketCap.com.
Bitcoin cash, which notably split from the original bitcoin in August, was gaining on its sister coin up until around 2 a.m. ET. It later shed about $1,000 and by 11:35 a.m ET was only trading up 14.7% at $1,525, slipping back below Ethereum’s market cap.
Still, it was an impressive march for a coin which has spent most of its existence trading between $300 and $500. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin’s main backers.
— Vitalik Buterin (@VitalikButerin) November 12, 2017
Bitcoin cash’s rise appears to have come at the expense of bitcoin, which dropped to a low of $5,512 per coin over night. It hit a record high of $7,828 on Wednesday.
By 12 p.m. ET, bitcoin was back up at $6,160.
Bitcoin has been sliding since developers behind a split, known as Segwit2X, revoked their support for the plan on Wednesday.
Segwit2X would have increased the size of the blocks underpinning the bitcoin blockchain network to enable it to process more transactions more quickly. Backers thought the plan would help the digital currency scale faster.
Cryptocurrency experts told Business Insider that backers of Segwit2X are likely dumping their bitcoin and jumping on the bitcoin cash bandwagon. Both Segwit2X and bitcoin cash were conceived with the Read More Here