A bitcoin spin-off briefly replaced rival digital coin ether as the second-largest cryptocurrency

#fintech Bitcoin cash briefly replaced ether as the second-largest cryptocurrency

  • A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.
  • The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap.
  • Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.
  • Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.
  • In response to a Twitter user that questioned the dominance of bitcoin, Buterin said: “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.”

Bitcoin cash rallied after plans for a “hard fork” in the original bitcoin blockchain were called off.

A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.

The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap. It dipped to $22 billion at 10:30 p.m. ET.

Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.

Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.

In response to a Twitter user that questioned the dominance of bitcoin, Buterin said: “A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.”

Bitcoin cash’s price rallied after plans for a so-called “hard fork” in the original blockchain were scrapped by developers. The digital currency reached a record high of $2,577.11 Sunday at 1:49 a.m. ET.

A number of people within the bitcoin community had hoped for an upgrade to the blockchain known as SegWit2x to speed up transactions. The upgrade would have likely resulted in another split in the blockchain. It was planned to go ahead this month but was shelved due to waning support.

Blockchain is the technology that underpins cryptocurrencies like bitcoin. It records all transactions of the digital currency on a…

A bitcoin spin-off briefly replaced rival digital coin ether as the second-largest cryptocurrency