Bitcoin Cash Soars in Overnight Trading

Bitcoin Cash (BCC) had a strong overnight rally, and after a slow start on its first day, is trading above the $584 mark for a single coin. It has been as high as the $700 level, and has an early morning market cap of $9.6 million on a volume of $374.8 million.

The original bitcoin is down slightly to the $2,600 level for a single coin in early-day trading. Many observers predicted the new BCC coin would steal major market share from its BTC predecessor. So far, that hasn’t been a significant issue.

Bitcoin Cash futures were at the $346 per single-coin level before the first block was mined, with close to $2 million in pre-sale volume, per the CoinMarketCap.com web site.

The bitcoin split-off, which arrives because the decentralized community couldn’t reach a consensus on blockchain size, is not being traded on many exchanges or available on ATMs at the moment. But it is now the third-largest cryptocurrency by volume, trailing the original bitcoin and ethereum’s ETH, according to CoinMarketCap.