They have passed over 24 hours after splitting from Bitcoin, the Bitcoin Cash derivative (BCC) is now ranked as the third most valuable altcoin. With a purchase limit of more than 7,7 billion dollars, BCC only follows Bitcoin (BTC) and Ethereum (ETH) after spending the 6,7 $ 10 billion Ripple ceiling in the early hours.
In terms of its value, BCH or BCC only tracks Bitcoin, with a unit price above 520 dollars (dropped from $ 755 for the first XNUM hour).
You can give most of the rapid rally in price to the fork itself. After splitting the two cryptographies yesterday, the owners of the BTC received equal amounts of BCC. From there, they will have to decide whether to keep it, or whether to exchange it with another altcoin, or perhaps withdraw it in the form fiat currency.
For now, speculation seems to feed most of the development of the new currency. Some investors even sell BTC to buy the currency, as it seems to be equally valuable.
Fran Strajnar, Co-Founder and Chief Executive Officer of Brave New Coin, told CNBC:
There is no out-of-frame infrastructure available to support BCC. The network needs further support and the infrastructure must be as easy as Bitcoin's. Otherwise, Bitcoin Cash will end.
In other words, an altcoin is just as valuable as investors deserve. This is often influenced by how easily it can be achieved, the currency's liquidity and how easily it can be used for real-world transactions.
We expect to see big fights in the coming days in the BCC market, and perhaps more generally in the market for cryptoscopes. To see if the new currency will be able to establish itself as a reliable currency on the world market