Bitcoin Cash is back on the rise and broke its previous record back on Nov. 12.
As per CoinMarketCap, the Bitcoin Cash-U.S. dollar (BCH/USD) exchange rate skyrocketed to a high of $2,353.64 at 16:54:57 UTC. At press time, the cryptocurrency is changing hands at $2,272.64 and is up 23.08 percent on the day. BCH price is up60.93 week-on-week and for the month, Bitcoin Cash is up 75.79.
Back on November 12th, the off-shoot became more profitable to mine than Bitcoin and miners began dumping the original cryptocurrency for its counterpart. When Bitcoin’s difficulty mining protocol became too high for profits, the Bitcoin miners jumped ship and began mining alternative cryptocurrencies, specifically Bitcoin Cash. During that time, BCH reached a record high of just under $20,000 before it’s difficulty protocol caught up to it and miners jumped back to mining the Bitcoin blockchain.
Bitcoin Cash’s market cap is now $38 billion and its growth can be pinpointed to Bitcoin.com’s CTO and co-founder Emil Oldenburg. He recently expressed in an interview that Bitcoin is the “riskiest” investment that anyone can make and he has sold all of his Bitcoin’s and invested in Bitcoin Cash. As Bitcoin continues to see minor corrections due to its futures now trading, it will be interesting to see how many miners jump ship to altcoins as it’s growth is slowed.