after splitting from Bitcoin, the derivative currency Bitcoin Cash (BCC) now ranks as the third most valuable altcoin. With a market cap of over $7.7 billion, BCC trails only Bitcoin (BTC) and Ethereum (ETH) after passing Ripple’s $6.7 billion cap in the early hours of this morning.
In terms of its value, BCH or BCC trails only Bitcoin, with a price per unit of over $520 (down from $755 in the first 24 hours).
You can attribute most of the rapid price increase to the fork itself. After the two cryptocurrencies split yesterday, BTC owners received equal amounts of BCC. From there, they will need to decide whether to hold onto it, exchange it for another altcoin, or perhaps withdraw it in the form of fiat currency.
For now, speculation seems to be fueling most of the new currency’s growth. Some investors are even selling BTC to buy the coin, as it seems to be just as valuable.
Fran Strajnar, co-founder and CEO of Brave New Coin, told CNBC:
There is no out-of-the-box infrastructure available to support BCC. The network needs further support and the infrastructure needs to be as easy to use as Bitcoin's. Otherwise, Bitcoin Cash will die.
In other words, an altcoin is only as valuable as investors value it. This is often influenced by how easily it can be obtained, the liquidity of the currency, and how easily it can be used for real-world transactions.
We expect to see big battles in the coming days in the BCC market, and probably in the cryptocurrency market in general. To see if the new currency will manage to establish itself as a reliable currency in the global market
