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How did Bitcoin Cash perform in 2018?

In August 2017, the controversy over Bitcoin’s scalability issues led to its blockchain being split for the first time in history, resulting in its first hard fork — Bitcoin Cash BCH (BCH).

Bitcoin Cash was a cryptocurrency with a purpose. Its proponents wanted a digital currency that would reduce high transaction fees associated with Bitcoin (BTC), making everyday use of cryptocurrencies viable. This was to be achieved by increasing the block size limits of Bitcoin’s blockchain from 1 MB to 8 MB (later to 32 MB).

Ever since its conception, Bitcoin Cash proponents have been clashing with Bitcoin proponents who favored SegWit and Lightning Network as better solutions to the apex cryptocurrency’s scalability problems rather than a hard fork.

This was until August 2018 when Bitcoin Cash got caught in a civil war, again over block size limits. The result was a split of Bitcoin Cash into two rivaling cryptocurrencies in November — Bitcoin ABC (backed by Roger Ver and Bitmain’s Jihan Wu) and Bitcoin SV (backed by Craig Wright) which would maintain block sizes of 32 MB and 128 MB respectively.

With the support of a majority of exchange desks, Bitcoin ABC became the new Bitcoin Cash (BCH) post the split, and Bitcoin SV became a separate cryptocurrency with the BSV ticker.

BCH/USD Performance Review

BCH opened for trading for the first time on August 1, 2017 at $294.60. By January 1, 2018, it was trading at $2,534.82 — a 760 percent increase! The overwhelming gain in price by early 2018 can be accredited to the “crypto boom” of November-December 2017 that saw prices of all cryptocurrencies rise.