BCH is still a long way ahead if it aims to set a new all-time high.
Altseason is finally here!
Fuelled by the gains of extravagant relative Bitcoin, Bitcoin cash has risen by around 30% in the past 24 hours, which at its high, have taken it to a price for only over $627 by the early hours of the morning.
It is still some way off its previous all-time high of $4,355.62, which was set on December 20, 2017, but like its namesake Bitcoin SV, Bitcoin Cash is among many altcoins that benefit from Bitcoin’s historic bull run.
Bitcoin Cash started in 2017 when developers answered the calls of modifying Bitcoin’s transaction format to control the growth rate of transactions. Some of Bitcoin’s developers were mobilized behind Bitcoin Improvement Proposal number BIP141 (SegWit), other activist groups, investors, developers, and Chinese miners rallied behind another proposal: to increase Bitcoin’s block size from 1MB to 8MB.
Last August 2017, the hard fork led to the establishment of two currencies with the same name as Bitcoin. Bitcoin (BTC) and Bitcoin Cash (BCH).
More than a year later, after a network vote increased Bitcoin Cash’s block size from 8MB to 32MB, it has become divided by factionalism once more. By November 15, 2018, another hard fork has been announced, managed by developers Jihan Wu and Roger Ver, who launched the software Bitcoin ABC (Adjustable Blocksize Cap).
The second camp, which was led by Australian computer scientist Craig Wright – who claims to be Bitcoin inventor ‘Satoshi Nakamoto,’ – although these claims are highly dismissed, proposed the alternative software Bitcoin SV (Satoshi’s Vision). It became the blockchain powering BSV.