Bitcoin cash, the offshoot of cryptocurrency bitcoin that was created yesterday, is now worth $7.6 billion, according to data provider Coin Marketcap. That pegs the value of all the bitcoin cash in circulation at 17% of bitcoin’s total market value of $44.4 billion. This makes bitcoin cash the third most valuable cryptocurrency, behind bitcoin and ethereum. It trades under the BCH symbol on most exchanges, while bitcoin retains BTC.
|Bitcoin cash||$7.6 billion|
Bitcoin cash’s vault up the valuation charts can be explained by its provenance as a fork of bitcoin—think of it like the splitting of an amoeba in two. The market value of all the coins in circulation—usually referred to as the “market cap” in cryptocurrency jargon—is calculated by multiplying a coin’s price by the total supply of coins in circulation. When bitcoin cash splintered off from bitcoin, it also inherited the supply of coins in circulation. In other words, there is roughly the same amount of bitcoin cash in circulation as bitcoin, and both cryptocurrencies each currently have 16.5 million units in circulation.