What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies

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There’s no denying that Bitcoin (BTC) and Ethereum (ETH) are currently the two dominant cryptocurrencies and therefore get the most attention from mainstream media, institutional investors and individuals, but that doesn’t mean that industry leaders don’t challenge competing networks from time to time.

Bitcoin Cash (BCH) and Ethereum Classic (ETC) are two fake projects that once tried to compete with Bitcoin and Ethereum for the top spot. Both chips showed last week that they are still capable of generating excitement and significant returns.

4 hour chart BCH/USDT vs ETC/USDT. Source: TradingView

What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies

Data from Cointelegraph Markets and TradingView show that the price of BCN has risen 125% in the past two weeks, from a low of $523 on April 4 to a high of $1,175 on the 16th. April. During the same period, ETC rose 250% from $13.30 to a new high of $46.53 on the 16th. April.

BCH/USDT

Bitcoin Cash was born out of disagreement within the Bitcoin community about the scalability of the Bitcoin blockchain and the desire to increase block sizes.

As a result of this controversy, a portion of the community split off and moved to bitcoin, creating BCH to make the desired code updates.

The protocol now aims to become a peer-to-peer electronic money system that enables fast payments worldwide, with low cost, user privacy and high transaction throughput.

The momentum for Bitcoin Cash began in early April, when the cryptocurrency market in general began to receive more attention from the mainstream media and financial markets. One theory is that new investors are looking for older, cheaper coins as a starting point rather than chasing Ether and Bitcoin, which can seem expensive to new crypto traders.

Chart 4 hours BCH/USDT. Source: TradingView

What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies

With bitcoin rising above $61,000 again and its hash rate reaching an all-time high of 200 EH/s, the leading cryptocurrency is out of reach for many small investors and miners who may be turning to BCH as a more viable option.

ETC./USDT

Ethererum Classic was created in 2016 after a hard fork within the Ethereum community after a popular platform called DAO was hacked. The DAO was originally a decentralized, autonomous organization designed to operate as an investor-managed venture capital firm.

ETC is in fact the original chain of the Etherum network, which has taken no steps to recover resources lost to piracy in order to maintain an ethos of completeness.

ETC/USDT 4 hour chart. Source: TradingView

What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies

While Ether has become a widely used version of the network, ETC continues to go its own way and is once again attracting the attention of the cryptocurrency community as high transaction costs and the move to proof of consensus for Ethereum have propelled users to new heights in search of compatible options.

Over the past six months, the Ethereum Classic network has grown steadily as the price rose, making the network more attractive to interested miners and improving overall security.

The higher the price, the more reward blocks there are, encouraging miners to join the network. This strengthens the safety of the network and allows honest miners to do their jobs with enthusiasm pic.twitter.com/Kkob0nvqht

– ETC Cooperative (@ETCCooperative) 16. April 2021

As more participants enter the cryptocurrency market in search of lucrative deals for existing projects, legacy coins like BCH and ETC could see further price increases.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

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Emilia James
By Emilia James

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