Bitcoin Cash Obliterates Other Cryptos, Rising 40% on Korean Buying

The result of the first hard fork of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Bitcoin Cash is obliterating any competition in the cryptocurrency markets today. The unit is trading 37 percent higher at just over $870. The move higher is a direct result of the cancellation of the Segwit2x project that was meant to increase the block size of bitcoin to 2MB.

With a block size of 8MB and several teams of developers that are competing to create a better version of Bitcoin, today’s price action across cryptocurrency markets shows that it is well on track.

Korean (or Chinese?) Buyers Drive Prices higher

While overall market capitalization of cryptocurrency markets declined by over $10 billion to $210 billion, the market share of Bitcoin Cash rose. Starting the week at below 5 percent the cryptocurrency’s current market cap is just below 7 percent as of writing.

The number is still below its all-time highs in dominance relative to other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term of just over 10 percent on the 19th of August. With a hard fork coming up for Bitcoin Cash next week, the currency is in strong demand, triggered in the aftermath of the Segwit2x announcement on Wednesday.

Among the 20 most traded cryptocurrencies today, Bitcoin Cash is the only one that has rallied today. Bitcoin is down 7.5 percent, Ethereum is lower by a tad over 8 and Litecoin has shed over 9 percent of its value.

Trading volumes of Bitcoin Cash are close to the normal daily volume of Bitcoin in recent weeks. Almost half of the transactions were executed in Korean won via Bithumb today.

The BCH/BTC exchange rate is hitting its highest level since September, rising 50 percent in today’s trade. After the early days of the hard fork in the beginning of August, this is the best day for Bitcoin Cash holders.