Bitcoin Cash network has completed the mining of first ever 8MB block , Block 479469 was having 40,000 transactions in the block and mined by BitClub. This is kind of testing of first block of the BCH which triggers the sudden price change in the market.
Note that Bitcoin block size was limited to 1MB and also processing was much slower before UASF , though block size of bitcoin would be double to 2MB after segwit activation , it would drastically improve the processing of the blocks and processing fee would be lower which is quite high .
BCH is originated from the Bitcoin and but still in the testing phase of mining and others technical prospects.
Ok, was this what drove it to $500+ price?
yes ....
This makes all the hype clear! Do you think it is just speculation? Pull back soon or keep and level up?
Hard to tell, let's watch the market further.
fate of BCH is not yet clear ....so speculation would be very high ....until miners are confident to support BCH ...nothing much can be expected and segwit activation would be happening on 22nd ...it would also be a game changer...