Skip to main content

Bitcoin Cash surpassed Ethereum as world’s second most popular cryptocurrency

bitcoin cash becomes second most valued cryptocurrency
Lightboxx/123RF
In the world of cryptocurrencies, Bitcoin is king, followed by Ethereum and other such digital assets. However, last night we saw Bitcoin’s splinter currency, Bitcoin Cash, briefly overtake Ethereum to become the world’s second most valuable cryptocurrency.

Early Sunday morning, Bitcoin Cash skyrocketed in value to $2,500 a coin surpassing Ethereum in terms of market capitalization.

Bitcoin Cash, which broke away from the more popular Bitcoin earlier this year, was rising in price until about 2:00 a.m. ET. After that point, its value fell by about $1,000. By about 11:35 a.m, the coin had increased in value to $1,525 a share, but had still fallen below Ethereum’s market capitalization. It should be noted that Bitcoin Cash is still more expensive than Ethereum in terms of individual coins, with the former costing $1,449, compared to the latter’s $311.

Regardless, it was still an impressive rally for a coin that normally goes for about $300-500. Ethereum’s founder Vitalik Buterin took to Twitter to congratulate Bitcoin Cash on the recent surge.

Bitcoin Cash’s surge appears to have cost a slight downturn in the value of its sibling cryptocurrency. On Wednesday, Bitcoin was valued at a high of $7,128, but on Sunday, it fell to $5,512. As of the time of this reporting, Bitcoin is valued at $5,987.

Bitcoin Cash broke away from Bitcoin in August of this year as a means of making cryptocurrencies more accessible to the average consumer. Since then, Bitcoin has continued to lead the way in terms of price and market capitalization, but some experts believe Bitcoin Cash’s rise will continue.

“There were lots of Bitcoin Cash whales who were in early on Bitcoin who were waiting to see what would happen with 2x,” Kyle Samani, of MultiCoin Capital told Forbes. “… They’re dumping BTC for BCH … I know many Bitcoin OGs who have dumped $10m+ of BTC for BCH … Turns out there were a lot more BCH ideologues than we all thought.”

Despite their increased popularity  in society, cryptocurrencies are still a bit of a mystery to many people. If you’re interested in learning more about Bitcoin or cryptocurrencies in general, we can help you out.

Eric Brackett
Former Digital Trends Contributor
Ethereum vs. Bitcoin: What’s the difference?
ethereum vs bitcoin bitcoinethereum01

Cryptocurrencies can be a little confusing. Are they digital money or more like gold? Are they a new way to pay for things online or a way to store value? Those aren't easy questions to answer when you're talking about hundreds of different cryptocurrencies, some old, some new, and some very different from the rest. When you focus Ethereum versus Bitcoin, though, there are some stark, apparent differences.

Their age is the most obvious, with Bitcoin having entered this world as the very first global cryptocurrency in 2009 and Ethereum only showing up in 2015 as a potential alternative. Although it is less proven than its predecessor, Ethereum does have a few nifty features that give it a lot more potential than its older sibling in some key areas. For this guide, we'll look at two shared aspects of the cryptocurrencies: Their ability to act as a store of value and as transactional mediums. We'll also take a look at some of the unique features which make them stand apart.

Read more
Facebook Libra vs. Bitcoin
Facebook Libra fake physical token

There are a lot of cryptocurrencies out there, but it surprised a lot of people when Facebook made headlines by announcing its own. Libra has been available to purchase since 2019, but many people still aren’t sure whether they should take the plunge and buy a few shares. 

Luckily, we’ve gone ahead and done a lot of the research for you. Read more about how Libra compares to a popular currency like Bitcoin.
Availability and history
Bitcoin's white paper was originally released in 2008, with the first Bitcoin being mined in 2009. Today you can buy, sell, and trade Bitcoin on a variety of different exchanges and with millions of individuals privately, all over the world.

Read more
What is Bitcoin halving and when does it happen?
Bitcoin Cash

Bitcoin is scheduled to have its third halving event this May, and if history repeats itself, an increase in Bitcoin is sure to follow. 

As the most popular form of cryptocurrency (and the blockchain technology that powers it) Bitcoin is now widely accepted around the world and has a growing number of applications. 

Read more