Bitcoin has experienced a resurgence in popularity, as new cryptocurrencies have risen to $1.01, and Bitcoin Cash, a competitor to Bitcoin, has seen its price rise by more than 40 percent in a single day.
Bitcoin Cash, also known as BCH, has experienced significant price gains in the past few days.
The cryptocurrency surged more than 20 percent in one day to $0.97, as of Monday morning, according to CoinDesk’s Bitcoin Price Index.
BCH is trading at more than $1 per coin on Coinbase, up from less than $0, as the cryptocurrency surged over $1 a coin earlier this month.
“I think Bitcoin Cash is going to be the coin of the future,” Brian Armstrong, chief market strategist at brokerage firm BTIG, told CNBC on Tuesday.
Backed by a group of companies, including Coinbase, BitInstant, Bitfinex, and BTCChina, BCH offers a number of features that are not possible in Bitcoin, Armstrong said.
BCh is more flexible than Bitcoin because it is not tied to a single, centralized entity, and it offers a “deterministic” blockchain, which is designed to make it possible for new cryptocurrencies to gain legitimacy.BCh is backed by the Digital Currency Group, which has been working with Coinbase and others to develop an exchange for the cryptocurrency.
Armstrong said that Coinbase is one of the groups that is working on developing the exchange, but that it is still a work in progress.
The Digital Currency group has said it plans to launch an exchange in the next few weeks, and Armstrong said he expects it to launch sometime in late 2018.
Armstrong is optimistic that the new exchange will help Bitcoin Cash overtake Bitcoin as the biggest cryptocurrency.
“It will make BCH the number one altcoin in the world,” he said.
“I think it will be a huge boost for Bitcoin Cash and hopefully BCH will surpass it.”
Bitcoin Cash’s price has also seen gains this week, rising by nearly 40 percent to $4.37.
The digital currency has gained more than 50 percent in the last two weeks, to $5.97.
Bitcoin is a digital asset with value that can be transferred anywhere in the globe, with no transaction fees or other limitations.
Bitcoin has surged since the start of the year, rising from around $1 to over $7,200 in the first week of January.
Coinbase announced in December that it would launch Bitcoin Cash as a way to reduce the amount of transaction fees charged by traditional banks.
Armstrong told CNBC that BCH was the “coin of the next billion people,” but that Bitcoin Cash was still a “good bet” for a lot of people.
“If Bitcoin Cash can be the dominant cryptocurrency, it is going do very well,” he added.