They have passed over 24 hours after splitting from Bitcoin, the Bitcoin Cash (BCC) derivative now ranks as the third most valuable altcoin. With an upper limit market over $7,7 billion, BCC trails only Bitcoin (BTC) and Ethereum (ETH) after passing Ripple's $6,7 billion peak in the early morning hours.
In terms of its value, BCH or BCC tracks only Bitcoin, with price per unit over $520 (down from $755 in the first 24 hours).
You can attribute most of the rapid rise in price to the fork itself. After their split two cryptos yesterday, BTC owners received equal amounts of BCC. From there, they will need to decide whether to keep it, or exchange it for another altcoin, or perhaps retire it in the form of 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.
Ο Fran Strajnar, συνιδρυτής και διευθύνων σύμβουλος της Brave New Coin, δήλωσε στο 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
