Bitcoin Cash becomes 3rd largest Cryptocurrency
Bitcoin Cash (BCC) has become one of the top cryptocurrencies within days of its creation. According to Coinmarktetcap.com, BCC is currently trading at $412 with a market cap of $7 billion, becoming the third largest crytocurrency after Bitcoin and Ethereum. It went up above Ripple and Litecoin, which were holding the #3 and #4 position until a few days back.
Bitcoin cash was created from the Bitcoin hard fork which happened on August 1st. Essentially, Bitcoin holders got free Bitcoin Cash if they had held their Bitcoins (BTC) in supporting exchanges or wallets. It is speculated that most of the people who got their BCC is holding it rather than selling it in order to cash out a later date, which is fueling the price rally of Bitcoin Cash.
According to CNBC,
Many experts said there would likely be some short-term trading activity, but have expressed doubt over the longer-term potential of “bitcoin cash”.