Bitcoin cash prices surged above $550 today to become the 3rd largest crypto currency by market cap after Bitcoin and Ethereum, pulling Ripple down to 4th spot. Everyone who had got a Bitcoin Cash token (or in simple words everyone who held a Bitcoin) at the time of hard fork on 1 August 2017, stands to gain from the development.
Bitcoin Cash was trading at $300 till yesterday and is currently trading at a whooping 88 percent gain at around $ 565. At present, the bitcoin cash market cap is $9.3 billion.
Have a look at the chart (From CoinMarketCap) and you will get the picture right.
The price rise also incentivises the miners to dedicate more computing power to the bitcoin cash blockchain, which makes it profitable to mine the coin. There are reports that claim that at the current prices mining Bitcoin Cash may be more profitable than mining Bitcoin itself.
The Bitcoin prices are down by around 3 percent today and are hovering around $4250. The intraday high was around $ 4437. If more miners shift focus from Bitcoin to Bitcoin Cash, the prices of Bitcoin may be impacted given the fact that several investors already feel that Bitcoin prices may be in for correction.