What are forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies


There is no denying that Bitcoin (BTC) and Ethereum (ETH) are currently the two most dominant cryptocurrencies and therefore receive the most attention from mainstream media, institutional investors and retail investors, but this does not mean that the industry leaders are not occasionally challenged by the networks of competitors.

Two forked projects that once sought to challenge Bitcoin and Ethereum for their top seats are Bitcoin Cash (BCH) and Ethereum Classic (ETC). Over the past week, both tokens have shown that they are still capable of generating excitement and generating big wins.

BCH / USDT vs ETC / USDT 4 hour chart. Source: TradingView

Data from TBEN Markets and TradingView shows that the price of BCH has climbed 125% over the past two weeks, from a low of $ 523 on April 4 to a high of $ 1,175 on April 16. Rally 250% from $ 13.30 to a new all-time high at $ 46.53 on April 16.

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Bitcoin Cash arose out of a conflict in the Bitcoin community centered on the scalability of the Bitcoin blockchain and the desire to increase the block size.

As a result of the disagreement, part of the community split up and “forked” Bitcoin to create BCH in order to implement the desired code updates.

The protocol now aims to be a peer-to-peer electronic payment system capable of being used to make fast payments around the world with low fees, user privacy and high transaction capacity.

Bitcoin Cash’s momentum started to gain momentum in early April, with the cryptocurrency market as a whole receiving increased attention from mainstream media and financial markets. One theory suggests that new investors are looking for older coins with lower valuations as a starting point instead of chasing Ether and Bitcoin, which may seem expensive to new crypto traders.

4 hour BCH / USDT chart. Source: TradingView

With Bitcoin now back above $ 61,000 and its hashrate hitting a record 200 EH / s, the leading cryptocurrency is out of reach for many small investors and miners who might look to BCH as a more feasible option. .

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Ethererum Classic emerged in 2016 as a result of a hard fork within the Ethereum community following the hack of a popular platform called The DAO. Initially, DAO was a decentralized, autonomous organization intended to act as an investor-led venture capital firm.

ETC is in fact the original legacy chain of the Etherum network which did not take corrective action to recover the funds lost in the hack in order to maintain the ethics of the end.

ETC / USDT 4 hour chart. Source: TradingView

As Ether has become the widely adopted version of the network, ETC has continued on its own path and is once again gaining the attention of the crypto community due to high transaction costs and the transition to a proof of stake consensus. for Ethereum. has taken ETC to new heights as users looking for compatible options.

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The hashrate of the Ethereum Classic network has been steadily rising over the past 6 months alongside the rising prices, helping to make the network more attractive to interested miners and increase overall security.

As more participants enter the crypto market looking for good deals on established projects, legacy coins like BCH and ETC could potentially see further price growth.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of TBEN.com. Every investment and trading move comes with risk, you should do your own research when making a decision.