Bitcoin Cash breaks through $500

During the last 24 hours, Coinmarketcap shows, Bitcoin Cash started growing yesterday and somewhere around the midnight reached its high of $567. Its capitalization made $9,364 billion, which is bigger than Ripple’s, entering Top 3 capitalized cryptocurrencies. To compare, the capitalization of Yandex, the Russian IT company, is now about $10 billion.

Note that Bitcoin Cash is popular on major Korean exchanges. More than 46% of Bitcoin Cash trade volume is on Bithumb (38,45%), Korbit (7,72%), and Coinone (5,80%).

This growth has indicated that the market doesn’t consider Bitcoin Cash to be a an asset bubble, at least for now. Different journalists and analysts thought that nobody will even support this new currency appeared due to hard-fork of Bitcoin, when some Bitcoin enthusiasts thought their currency doesn’t need the SegWit protocol implementation and some thought it does. Thus, the Bitcoin blockchain segregated into two independent chains: the original one, with SegWit, and the chain of a new currency which was later called Bitcoin Cash. Since the first days of its emergence, Bitcoin Cash was feeling well and welcomed on the market. The reason why it is so popular on the Korean exchanges remains to be discovered.