Bitcoin cash dethroned Ethereum as 2nd largest cryptocurrency
Bitcoin cash dethroned Ethereum as 2nd largest cryptocurrency. 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 and the coin was trading up 14.7% at $1,525 by 11:35 a.m. ET.
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 about 2 a.m. ET on Sunday. It later shed about $1,000, and by 11:35 a.m. ET it 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 that has spent most of its existence trading at $300 to $500. Ethereum’s founder, Vitalik Buterin, even chimed in on the news in a tweet late Saturday night to congratulate the coin’s main backers.
Bitcoin cash’s rise appears to have come at the expense of bitcoin, which dropped to a low of $5,512 a coin overnight but was back up at $6,160 by noon.
Bitcoin hit a record high of $7,828 on Wednesday but has been sliding since developers behind an update known as SegWit2X revoked their support for the plan.
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.
Samson Mow, the chief strategy officer at Blockstream who is a bitcoin evangelist, told Business Insider bitcoin cash’s price pump would be short-lived.