The price of BCH surged 12.22% over the past 24 hours after Bitcoin established a new all-time high above $ 24,000.
BCH prices in the last 24 hours | Source: CoinMarketCap
Yesterday afternoon, Bitcoin hit a high of $ 24,085, according to data from CoinMarketCap. Bitcoin has since dropped to $ 23,583 at press time.
BCH is the sixth largest coin by market cap. Despite being a fork of Bitcoin, its price follows the coin, similar to most major cryptocurrencies.
BCH launched in 2017 following Bitcoin’s block size dispute.
At 1MB, a team of developers argued that Bitcoin’s block size was too small to process transactions, meaning the coin could never function as a digital currency.
The team of developers led by Roger Ver and Jihan Wu argues that the block size (the number of Bitcoin transactions that can be processed in one batch) should be increased to 8MB to reduce transaction fees and speed up the network.
Bitcoin Core developers disagree as this will centralize the network into the hands of miners that can assist in increasing the block size. In any case, Bitcoin has never been seen as a cash replacement, argues the group, among them Blockstream’s CEO Samson Mow.
BCH supporters are adamant on the Bitcoin fork. They then voted to increase the block size to its current size of 32MB.
Last month, BCH forked again when a group of BCH developers known as ABC attempted to tax miners in order to grow BCH. The move was disapproved and the network forked again.