The price of both Ethereum—the world’s second-largest cryptocurrency in terms of total market capitalization—and Bitcoin Cash—a so-called “hard fork” of the original Bitcoin—is soaring on Wednesday, despite steep declines in many other cryptocurrencies.
According to CoinMarketCap.com, Ethereum has gained about 12.8% over the past 24 hours, while Bitcoin Cash is up about 12.3% over that same timeframe. Meanwhile, Bitcoin has tumbled about 4.0%, Litecoin has shed nearly 2.5%, and Ripple has plummeted more than 16.4%.
Ethereum was actually surpassed by Ripple for second place in the cryptocurrency rankings just a few days ago, but ether’s latest surge has helped it reclaim its spot. The crypto’s run to new highs also comes in the face of several major tech issues surrounding the blockchain platform.
Ethereum has been a go-to alternative to Bitcoin because it typically offers shorter transaction wait times and lower transaction fees. However, a recent glitch in the platform’s algorithm to estimate costs has caused many users to pay significantly higher fees than usual.