Bitcoin cash price rise briefly sent market cap overtaking ethereum as bitcoin price fall continues

 
Lynsey Barber
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Bitcoin Cryptocurrency Is Booming
Bitcoin cash has been on the rise (Source: Getty)

Bitcoin cash, the cryptocurrency hived off from bitcoin, has rocketed.

Bitcoin cash has shot above $1,900 according to coinmarketcap, more than double its value on Friday when it had already hit a three-month high.

It has been sent higher of the back of a proposed bitcoin fork being suspended.

Read more: Debate: Is bitcoin a better investment than gold?

The Segwit2x split was called off due to a lack of agreement in the bitcoin community. A previous split of the bitcoin blockchain has already gone ahead and created bitcoin cash.

Meanwhile bitcoin plunged below $6,000 early on Sunday morning, though has regained some ground and was at $6,224 at pixel time.

Bitcoin cash's surge had briefly put the market cap of the cryptocurrency at more than $30bn early on Sunday morning and above that of ethereum, making it the second most valuable in the world behind only bitcoin.

The Segwit2x fork was designed to increase capacity and the latest volatility comes amid a scaling debate.

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