It cannot be denied that Bitcoin (BTC) and Ether (ETH) are currently the most dominant cryptocurrencies, and as a result they receive a lot of attention from the mainstream media, institutional investors and private investors, but this does not mean that sector leaders are not always challenged. . Before the network competition.
There are two divergent projects that have previously tried to challenge Bitcoin and Ethereum for their top positions: Bitcoin Cash (BCH) and Ethereum Classic (ETC). Both things proved last week that they can still generate buzz and make big money.
BCH / USDT versus ETC / USDT 4-hour chart. Source: TradingView
Data from Cointelegraph Markets and TradingView show that the Bitcoin Cash price has risen 125% in the last two weeks, from a low of $ 523 on April 4 to a high of $ 1175 on April 16, a record high of $ 46.53 on April 16th.
BCH / USDT
Bitcoin Cash arose from a controversy in the Bitcoin community that centered on the scalability of the Bitcoin blockchain and the desire to increase the block size.
As a result of the controversy, part of the community split up and created a forked bitcoin to generate bitcoin cash to implement the necessary code updates.
The protocol now aims to be a peer-to-peer e-money system that can be used to make fast payments worldwide with low fees, user privacy and high bandwidth.
Bitcoin Cash’s momentum began to pick up in early April when the cryptocurrency market as a whole received increased attention from the regular media and financial markets. One theory suggests that new investors are looking for older currencies with lower value as a starting point, instead of chasing Ether and Bitcoin, which can seem prohibitively expensive for new crypto traders.
4-hour BCH / USDT chart. Source: TradingView
Now that Bitcoin exceeds $ 61,000 again and hash prices have reached 200 exams per second, higher cryptocurrency is unavailable to many small investors and miners who can switch to BCH as a more viable option.
ETC / USDT
Ethererum Classic appeared in 2016 as a result of a sharp split in the Ethereum community after a hack of a popular platform called DAO. DAO was originally an early independent decentralized organization that aimed to operate as an investor-oriented venture capital firm.
Ethereum Classic is in fact the original series of old Etherum networks, where no corrective action was taken to recover the money lost in the hack, which was adopted as a way to end the spirit.
4-hour ETC / USDT chart. Source: TradingView
As Ethereum became a widespread version of the network, Ethereum continued on its own path and regained interest from the crypto community due to rising transaction costs, while Ethereum moved towards proof of stake consensus, pushing ETC to new heights as users search for compatible alternatives. …
The hash speed of Ethereum Classic has grown steadily over the last six months along with the increase in ETC prices, which has helped to make the network more attractive to interested miners and improve overall security.
As more participants enter the cryptocurrency market in search of lucrative deals on existing projects, older currencies such as BCH and ETC may see further price increases.