Trade Recommendation: Bitcoin Cash

As per CoinMarketCap data, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate rose to a three-month high of $872.24 at 11:29 UTC. The cryptocurrency's record all-time high of $920 was set on Aug. 19.

As of writing, the cryptocurrency is trading at $800, and has climbed 27 percent over the last 24 hours. On a monthly basis, BCH is now up a staggering 150 percent.

The gains come amid rising speculation that the surprise cancellation of the Segwit2x hard fork this week means bitcoin may become more of "store of value" than a specialized protocol for day-to-day payments.

"Some traders may have been attempting a 'dividend play' on the Segwit2X fork and purchasing bitcoin in anticipation," Blair said. "With the fork called off, these speculators are now reducing their positions."

Another expert told Business Insider backers of the Segwit2x upgrade might be switching over from bitcoin to bitcoin cash, which similarly to Segwit2x has the potential to process more transactions.