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The price of the digital currency Bitcoin Cash sustained its upward trajectory and surpassed the $700 mark on Aug. 18.
Heading into the weekend trading sessions, the cryptocurrency posted a more than twofold increase in its price and emerged as the third-biggest digital currency in terms of network value.
The positive developments being seen in the performance of Bitcoin Cash form part of the digital currency’s brief history that started when it split off from the main Bitcoin Blockchain in early August.
Bitcoin’s split was realized when a group of miners and developers adopted a software with new network rules that were not compatible with the cryptocurrency.
While Bitcoin continued to experience exceptional performance after the split in which it posted record highs of more than $4,000, Bitcoin Cash remained largely stagnant in its early weeks of existence.
However, the latter experienced a sudden surge during mid-August trading to reach about $750 per token.
There are several possible factors behind the sudden increase in Bitcoin Cash’s price, but it is still uncertain if these drivers will continue propelling the digital currency’s value upwards in the future.
Among the key drivers behind Bitcoin Cash’s upward trajectory are:
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