The unit is trading 37 percent higher at just over $870.
Exchanging Bitcoin Cash was also hard due to the high load on exchanges and the increased demand. "If the Bitcoin community doesn't come to a consensus about how to scale the network soon, it may run into congestion, in which case people will need an alternative".
The war isn't over, but the battle today goes to Bitcoin Cash, as the cryptocoin that resulted from the contentious August 1st hard-fork just burst past the $1k price point for the first time.
Earlier today, on November 12, the market cap of Bitcoin Cash broke the $30 billion mark, officially surpassing that of Ethereum.
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It appears that cryptocurrency investors have had similar thoughts, and are moving to the more "progressive" Bitcoin Cash.
In contrast to bitcoin, bitcoin cash boasts a block size of 8 megabytes with the ability to process transactions at a faster rate.
Bitcoin has fallen in recent sessions after a software upgrade planned for next week that could have split the cryptocurrency in a so-called "fork" was called off due to waning support. However, it is important to acknowledge that miners always follow the more profitable blockchain, as they are rewarded with higher returns for producing blocks of transactions.
On the one hand, the hardfork was meant to solve a problem with mining difficulty levels for Bitcoin Cash. That anticipation could have been the reason for the high price of Bitcoin recently.
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Bitcoin, the unchallenged number one cryptocurrency in the world, fell below $7,000 this morning, which is an eight-day low of $6,793. Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin, five of the largest cryptocurrencies in the market, all have contrasting philosophies, structures, and infrastructures. Bitcoin cash was trading in the range of $336 to $635, but since Friday Bitcoin cash prices rose to the all-time high of $2422 and now are trading at $1829.
The steepness of BCH's rise today is perhaps what's most impressive, though, as the cryptocoin that contains Bitcoin's genesis block has now rocketed upwards of 50% in the last 24 hours.
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