On the very first day on its existence, Bitcoin Cash (BCC or BCH) managed to gain value and surged to $470 with a market cap of an impressive $8 billion.
As Bitcoin Cash price surged, its trading volumes also surged greatly from a few million on ViaBTC in futures to an impressive $142 million on the very first day. The trading volumes are definitely great considering that some exchanges haven’t even listed BCC for trading yet.
As expected, Bitcoin Cash faced a roller coaster ride on its first day of actual trading with the new cryptocurrency opening at a whopping $600,000 and then quickly sinking to a low of just $130. Subsequent to that as more and more traders jumped in Bitcoin Cash price nearly doubled to $250. Selling continued and this brought the price of BCC down to $130 again.
Things started stabilizing after the first block was mined. With more and more blocks being mined, things started cooling down a lot and the the stable surge in Bitcoin Cash price was seen hitting $200 and then $300 and eventually reaching $450 levels.
Bitcoin Cash is the outcome of the movement that wants to keep bitcoin a peer-to-peer digital cash as envisaged by its creator. The hard fork is a sign of revolt against the closed-door meetings and decisions that have been voicing their support for Blockstream’s segwit supported by Bitcoin Core. Segwit aims to turn the currency into a settlement system used through intermediary bitbanks known as Lightning Network hubs.
It remains to be seen how much traction Bitcoin Cash will be able to garner over the course of next few days and then eventually in the long run. Many believe that Bitcoin Cash will not be able to sustain and will eventually be left in the dark, but supporters believe that it will create an ecosystem of its own with millions of followers.