A cryptocurrency that split away from bitcoin was temporarily the second-largest virtual currency by market value on Sunday.
The market capitalization of bitcoin cash surged to more than $41 billion on Sunday at 2:29 a.m. ET, according to data by industry website Coinmarketcap. It dipped to $22 billion at 10:30 p.m. ET.
Bitcoin cash usurped rival digital coin ether — the digital token of the ethereum blockchain — becoming the second-largest digital currency by market cap for a number of hours.
Vitalik Buterin, co-founder of Ethereum, congratulated backers of the bitcoin offshoot on Twitter.
In response to a Twitter user that questioned the dominance of bitcoin, Buterin said: "A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches."