Bitcoin cash is crashing on Monday, trading down nearly 20% at $579 a coin after soaring to a record high of $942 during an impressive weekend rally. In the process, bitcoin cash reclaimed the spot as the third-largest cryptocurrency, according to Coinmarketcap.com.
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Bitcoin cash is crashing
Bitcoin Cash, the clone cryptocurrency of Bitcoin, is correcting Monday after an impressive rally over the weekend.
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Despite Monday's steep slide, bitcoin cash is still up about 110% since its genesis on August 1 when it split from the original bitcoin network.
"More exchanges are trading bitcoin cash now," Sebastian Quinn-Watson of Blockchain Global told Business Insider.
Some Bitcoin exchanges and wallets didn't immediately upgrade their infrastructure after the bitcoin/bitcoin cash split, so most holders of the new cryptocurrency weren't able to actively trade their holdings until last week.
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"Now most people can buy and sell it (finally), so the wider speculative boom is on," he added.
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