The collapse of the cryptocurrency , a fork of Bitcoin , was one of those responsible for the total market crash.
Bitcoin Cash , a variant of the original bitcoin , fell $1.5 billion in market cap during the critical month of May.
According to Binance , this figure represented a decrease of 28% compared to its market capitalization on the first day of the month. On May 1, Bitcoin Cash registered an impressive trading volume of 4.14 billion corresponding to a market cap of around $5.42 billion.
What is BitcoinCash?
Bitcoin Cash (BCH) is a cryptocurrency and open source project that has its origin in the division of the Bitcoin network in 2017. Its characteristics are, on the basis, the same as the original creation book of the leading currency.
Its current value is 111 dollars, but its maximum peak is more than 3 thousand.
Along with the larger block size, Bitcoin Cash also made its chain smart contract compatible, allowing decentralized applications to be built on top of the chain.
Bitcoin Cash may not survive this market sell-off as historically a long list of coins do not survive bear markets.