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Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
A new version of bitcoin hit the market on Tuesday and, on its second day of trading, it has already tripled in price and its market cap is now third biggest of all digital currencies. Known as Bitcoin Cash, the new currency arrived via a so-called "fork" in which a faction of people who run the software that controls bitcoin started a breakaway version. The price of Bitcoin Cash hovered between $200 and $300 for most of Tuesday and then suddenly shot up. As this screenshot from CoinMarketCap shows (look to the right of the graph), Bitcoin Cash has also appreciated in relation to bitcoin—one unit of the new currency is now worth about 30% of the original one Meanwhile, the price of the original bitcoin has, contrary to the fears of many bitcoin owners prior to the split, maintained its value. On Wednesday, bitcoin was trading around $2,700, which is not far from its all-time high of $3000.
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