Bitcoin Cash Broke $1000: Where Will It Go Next?

The surge in Bitcoin Cash’s mining profitability and high trade volume propelled its price to near $1,000 over the weekend. Bitcoin Cash (BCH), an offshoot of the legacy Bitcoin blockchain,​ touched a high of $1091.97 on August 19, 2017 before sliding down to $600-700 levels.

The debate about Bitcoin’s block size has finally ended (for now) with the hard fork in Bitcoin’s blockchain resulting in two versions of Bitcoin—Bitcoin (BTC), which upgrades with SegWit to a 2-megabyte (MB) block size, and Bitcoin Cash (BCH), which has a larger 8-megabyte block size.

During the pre-split phase, the uncertainty regarding the currency's block size started to heat up, and investors and traders took a cautious approach with many waiting on the sidelines for clarity. Now that the August 1 hard fork has taken place, investors and traders have gained confidence after observing the post-hard fork trend for a couple of days. "The willingness to hard fork and make tough decisions has been lacking in Bitcoin. I look forward to a future where BCH continues to optimize, add features, and scale. BCH is positioned as the new silver to Bitcoins "gold", but the future is open and who knows how high it can go,” said Jeff McDonald, Vice President, NEM Foundation.