Bitcoin rival doubles in price in four days as Bitcoin price slumps

Bitcoin rival doubles in price in four days as Bitcoin price slumps

Bitcoin rival doubles in price in four days as Bitcoin price slumps

As Bitcoin tumbled, Bitcoin Cash, which was generated from another software split on August 1, surged.

He believes that the 100% shoot-up in the prices just within one day is suspicious more specifically as the trading volumes supporting the upmove are concentrated only by South Korea.

The cryptocurrency skyrocketed to an all-time high of $2,500 a coin early Sunday morning.

Earlier today, on November 12, the market cap of Bitcoin Cash broke the $30 billion mark, officially surpassing that of Ethereum.

Bitcoin fell 8% on Friday as investors appeared to unwind their positions on the popular digital currency while increasing their holdings of bitcoin cash. It later shed about $1,000 and by 11:35 a.m ET was only trading up 14.7% at $1,525, slipping back below Ethereum's market cap. It hit a record high of $7,828 on Wednesday. When they announced its cancellation this week, Segwit2x organizers concluded that forcing a fork, or the creation of a separate 2x network, would "divide the community and be a setback to Bitcoin's growth".

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The planned split or fork, known as "SegWit2x", had meant to allow for more transactions to be processed at any given time, making fees for bitcoin transactions much cheaper. Backers thought the plan would help the digital currency scale faster.

In a major milestone for Bitcoin's closest rival, Bitcoin Cash (BCH) surged to an all-time price high past $1k today as the 8MB chain's become a safe haven in the aftermath of the SegWit2x call-off.

As recently as September, Segwit2x was being touted as a strong solution to Bitcoin's years-long block size dispute. Moreover, analyst Willy Woo told CoinDesk that Bitcoin Cash is now heavily backed by Chinese traders and miners, making BCH a "strategic and geopolitical bet" on Chinese influence. Their opponents believe that Bitcoin should be a gold-like "store of value" more than a cash-like instrument, and that congestion can be mitigated without drastically changing the size of archive files - mostly by using secondary systems to conduct more transactions outside of the main blockchain. I know many Bitcoin OGs who have dumped $10m+ of BTC for BCH. "The pump is already losing steam and can't be sustained because there's no real market for [bitcoin cash]".

The unprecedented uptrend in Bitcoin Cash prices is majorly supported by huge volumes coming from South Korea as miners who supported the SegWit2x are said to shift their focus towards Bitcoin Cash.

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