The price of Bitcoin Cash (BCH) price today hit $305, an increase of 16.39% in the past 24 hours, according to Coin Gecko, a crypto data aggregation website. Today’s price increase marks the culmination of a week of recovery from last weekend's hard fork, which temporarily depressed the price.
The price of the Bitcoin spinoff sunk last weekend after its blockchain split into two, or “hard forked.” BCH's price fell from $255 to $240, marking a 5% decrease.
The fork concerned an unpopular mining tax of 8% that would go to one of the teams developing Bitcoin Cash. Lots of people didn’t want that to happen, so they opted for a different fork.
Diverting part of the #BitcoinCash block reward to pay a single development team is a Soviet style central planner’s dream come true. Please stop. pic.twitter.com/5H6EKDnDjc