Bitcoin Cash
About Bitcoin Cash
The price of Bitcoin Cash (BCH) is $302.96 today, as of Sep 08 03:27 a.m., with a 24-hour trading volume of $139.25M. Over the last 24 hours, the price has increased by 2.59%. Bitcoin Cash currently has a circulating supply of 19.76M and a market cap of $5.99B.
BCH is the native cryptocurrency of Bitcoin Cash, which is a spinoff of the Bitcoin blockchain that is designed to be more scalable, cheaper and faster to use as an electronic cash system than Bitcoin.
After Bitcoin operated smoothly for several years, a number of developers working on the original Bitcoin protocol felt the project was deviating from founder Satoshi Nakamoto’s vision of what the cryptocurrency was supposed to be – namely, a cheap, decentralized payment system. Internal conflict reached a peak in 2017, when the Bitcoin blockchain split into two and Bitcoin Cash emerged as a separate blockchain.
BCH was officially launched in August 2017 and was distributed to bitcoin holders at a ratio of 1:1, meaning each bitcoin holder was entitled to receive one BCH token for each bitcoin he or she held.
Because Bitcoin Cash shared the same blockchain as Bitcoin until the hard fork (a major change to a network’s protocol), the two cryptocurrencies had similar characteristics. As with bitcoin, the total supply of BCH is capped at 21 million, for example. But the two vary in major ways. For example, Bitcoin Cash can support 25,000 transactions per block, compared with Bitcoin’s 1,000 to 1,500 transactions per block.
In December 2017, BCH price hit an all-time high of $4,355.62, but it lost 80% of its value over the next six months as the wider crypto market experienced a prolonged bear market.
BCH prices remained under $600 for more than two years until January 2021 when a new bullish cycle began. The token for the forked bitcoin project managed to rise 410% to a peak of $1,636 in May 2021 – the highest price seen in about three years. By the end of June 2021, however, BCH’s price fell 75% to $40