Bitcoin cash`s price rallied after plans for a so-called "hard fork" in the original blockchain were scrapped by developers. The digital currency reached a record high of $2,577.11 Sunday at 1:49 a.
A number of people within the bitcoin community had hoped for an upgrade to the blockchain known as SegWit2x to speed up transactions. The upgrade would have likely resulted in another split in the blockchain. It was planned to go ahead this month but was shelved due to waning support.
Blockchain is the technology that underpins cryptocurrencies like bitcoin. It records all transactions of the digital currency on a disparate network instead of one centralized server.
Two previous hard forks have resulted in the creation of new cryptocurrencies, bitcoin cash being one of them. Once the blockchain is forked, investors in bitcoin receive one new digital coin for every bitcoin they own.
Bitcoin gold was formed as a result of another split last month. According to Coinmarketcap, bitcoin gold futures were trading at $273.m ET, down more than 36 percent for the session. The bitcoin gold blockchain was officially launched Sunday, developers backing it said in a blog post.
The price of bitcoin slumped to $5,507 Sunday, the lowest it has been since the start of the month. Bitcoin topped $7,879 for the first time less than a week ago.
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