Bitcoin Cash, the fork of original Bitcoin showing big price jump in recent hours.
Bitcoin Cash price chart
As you can see on the chart above, huge jump (over 10%) happened only few hours ago (about 8.00-9.00, 17th of October, 2017). At the moment of press, Bitcoin Cash gained 11.33% in less than 24%. Marketcap is $5,813,016,133, and average price is $348.03.
Reason for a jump
So, what is the reason for this huge price spike? Well, less than a day ago, Bitcoin dot com resource released big statement called "Bitcoin Cash is Bitcoin". As a conlcusion, Bitcoin dot com team says that
The position that Bitcoin Cash is Bitcoin is based on its adherence to the design goals and intended purpose that Bitcoin was created to fulfill.
On October 13, 2017, Bitcoin Unlimited Chief Scientist Peter Rizun announced that their Gigablock Testnet Initiative successfully mined and propagated the first ever 1GB block. Such test results demonstrate that the Bitcoin network can scale to compete directly with mainstream payment processors (10,000 transactions per second and higher vs. Visa’s average 3,000 transactions per second). Bitcoin Cash, with its more realistic approach to scaling, is well-positioned to become a worldwide peer-to-peer electronic cash system.
Based on the arguments presented above, Bitcoin Cash (BCC) is the only fork of Bitcoin that resembles a natural continuation of the original Bitcoin invention. All Segwit chains have altered so many fundamental properties of Bitcoin that it seems a stretch to refer to any of them by the Bitcoin name.
Bitcoin.com team statement
We will keep our eye on this situation. So, stay tuned to get the hottest news.