Bitcoin cash recently increased in value to about $2500 before coming down to $1200. It is like bitcoin except it has a block size of 8 Mb. Bitcoin has been having high transaction traffic for a couple of years and the community has been discussing ways to resolve this. Many solutions were discussed, of which two were prominent – 8 Mb size and Segwit2X.
Bitcoin cash came out as a result of a fork which incorporated the first solution of 8 MB size block. Bitcoin core continues with Segwit2X and implemented Segwit 3 months back when as a soft fork it separated the signature and kept it outside the block and thus increasing the number of transactions that could go in before this solution. They had plans to implement 2X hard fork by which the block size was to be doubled to 2Mb but at the last moments, people supporting Segwit2X, called it off. And this led to some hash power shifting to bitcoin cash and many investors also considering this a lucrative option started buying bitcoin cash which led to a strong rally leading the price to $2500.
I think until the time, Bitcoin comes with a solution to scalability option, bitcoin cash stands a good chance.