The price of Bitcoin Cash (BCH) price today hit $286, an increase of 12.39% in the past 24 hours, according to CoinMarketCap, a crypto data aggregation website. Today’s price increase marks the culmination of a week of recovery from last weekend’s hard fork, which temporarily depressed the price.
The price of the Bitcoin spinoff sunk last weekend after its blockchain split into two, or “hard forked.” BCH’s price fell from $255 to $240, marking a 5% decrease.
The fork concerned an unpopular mining tax of 8% that would go to one of the teams developing Bitcoin Cash. Lots of people didn’t want that to happen, so they opted for a different fork.
The uncertainty hurt the price of Bitcoin Cash. When the hard fork happened, some cryptocurrency exchanges temporarily paused deposits and withdrawals as the future of the network hung in the balance.
— Roger Ver (@rogerkver) August 31, 2020
But today’s price marks an increase of 19% from last weekend’s dip. The network has thus recovered from the loss it incurred.
Bitcoin Cash’s market cap is now $5.3 billion, which places it at 7th place, ranking below Litecoin, which has a market cap of $5.5 billion.
Coinciding with the Bitcoin Cash price hike is good news about Covid-19 jabs.
For the time being, however, Ripple’s XRP is stealing Bitcoin Cash’s show. XRP hit highs of $0.41 today, its highest price in over a year.