Bitcoin Cash has surpassed Ethereum to become the first cryptocurrency to gain market dominance in the US market, according to a report published on Wednesday.
According to CoinMarketCap.com, Bitcoin Cash traded at $1,100 on Wednesday, making it the world’s most valuable cryptocurrency.
At $1.05, it surpassed Ethereum’s price of $1 to become second only to the digital currency after bitcoin.
The digital currency, which has a market cap of more than $6 billion, was created in 2009 by an anonymous developer.
It is currently trading at about $6,000.
While Ethereum, which had a market capitalisation of $5.3 billion in September 2018, is the world leader in blockchain-based cryptocurrencies, bitcoin is now widely accepted as a store of value.
The market cap for Bitcoin Cash is estimated to be about $2.5 billion, according the CoinMarketSense data.
The cryptocurrency’s popularity has attracted attention from major investors, who are hoping to capitalize on its potential to disrupt the financial industry.
In addition to investors, traders have been speculating about Bitcoin Cash’s value, and the futures markets for the digital asset have begun trading.
The markets have become increasingly volatile, as the cryptocurrency has surged to more than 10 times its value last week.