What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies

Saturday 17 April 2021, 6:18 AM AEST - 3 weeks ago

Its undeniable that Bitcoin (BTC) and Ethereum (ETH) are currently the two most dominant cryptocurrencies and as a result they receive the most of the attention from the mainstream media, institutional investors, and retail investors, but this doesn't mean that the sector leaders are not occasionally challenged by competitor networks.

Two forked projects that once sought to challenge Bitcoin and Ethereum for their seats at the top are Bitcoin Cash (BCH) and Ethereum Classic (ETC). In the past week, both tokens have demonstrated that they are still capable of generating excitement and producing big gains.

1e7fbca1-f552-40b1-9454-8a2ad363dfc4.pngBCH/USDT vs. ETC/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of BCH has climbed 125% over the past two weeks as it rose from a low of $523 on April 4 to a high of $1,175 on April 16. During the same time period, ETC staged a 250% rally from $13.30 to a new all-time high at $46.53 on April 16.

BCH/USDT

Bitcoin Cash arose out of contention in the Bitcoin community centering around the scalability of the Bitcoin blockchain and the desire to increase the block size.

As a result of the disagreement, part of the community split off and forked Bitcoin to create BCH in order to implement the desired code updates.

The protocol now aims to be a peer-to-peer electronic cash system capable of being used to conduct fast payments around the world with low fees, user privacy and a high transaction capacity.

Momentum for Bitcoin Cash began pickup up at the beginning of April as the cryptocurrency market as a whole received increased attention from the mainstream media and financial markets. One theory suggests that new investors look for older coins with lower valuations as a starting point instead of chasing after Ether and Bitcoin which may appear expensive to new crypto traders.

Read full story on Cointelegraph

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