Bitcoin Cash (BCH) (Bitcoin.Cash) network successfully hard forked on November 13. The coin changed the mining difficulty algorithm to stop the constant fluctuation between being too slow and too fast, CoinDesk reported.
The idea is that by doing so, Bitcoin Cash will avoid the sudden changes in difficulty that have encouraged large numbers of miners to switch frequently between the Bitcoin (Bitcoin) and Bitcoin Cash blockchains, migrating to whatever version is offering the most in terms of rewards.
Executed at roughly 21:00 UTC, the new version of the Bitcoin Cash blockchain has since amassed six blocks, while none have yet been mined on the older network. The results suggest that the fork will pass without the creation of a competing cryptocurrency.
For just a little while early Sunday morning, Ethereum (ETH/USD) had to give way to Bitcoin Cash as the second largest cryptocurrency on the market. Bitcoin Cash hit an all-time high of $2500 per coin, and then came crashing back down to about $1000+.