Bitcoin cash

Bitcoin Cash is the result of software that was devised several years ago as a solution to the cryptocurrency’s scaling problem, which has divided bitcoin power brokers for years. When the currencies split on August 1st, investors remained unfazed and their confidence in Bitcoin has helped keep the entire cryptocurrency market stable and growing.

While Selling on the first day of Bitcoin Cash dropped bitcoin to a low of $2,643, it has rallied by about 30% since its August 1 bottom.

Ari Paul, CIO of BlockTower Capital, in an interview with CNBC attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin. “With SegWit activation and the hard fork in the rear-view mirror, bitcoin buyers see a smooth road ahead for the next two months.”

The price surge also coincides with a new all-time high in the wider cryptocurrency markets, as the value of all publicly traded cryptographic assets rose above $120 billion for the first time, up some $4 billion on the previous day’s trading.