Bitcoin Cash Briefly Surpasses the Market Cap of Ethereum at $30 Billion
13 November, 2017, 02:53 | Author: Terri Saunders
Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers made a decision to implement an upgrade in an effort to increase transaction speeds for the digital currency.
This is not the first BTC price crash, in fact such events are typical of all cryptocurrencies, but this one may have more to it than a simple market correction.
Bitcoin cash had a wild night.
The news initially sent bitcoin to an all-time high of almost $7,900 a coin.
Ethereum, the second most valuable cryptocurrency by market cap after bitcoin, was down 3.46% at $304.77. That would make transactions cheaper and faster for users, but servers (also known as miners) more power hungry, risking risky centralization. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin's main backers. But at 2:40 p.m. ET on Friday, it was trading down 7.2%, at $6,812.
The proposed fork would have created a new version of Bitcoin, known tentatively as Bitcoin 2x after the upgrade plan behind it, Segwit2x. Now, investors seem to invigorate interest towards Bitcoin Cash (BCH).
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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. Both Segwit2X and bitcoin cash were conceived with the same intention to help bitcoin scale faster by increasing the size of its blocks.
Experts think bitcoin's crash and bitcoin cash's rise are related to the same thing: a planned upgrade to bitcoin's network being called off.
"People who had been supporting Segwit2x could as an alternative move to Bitcoin Cash", he said. 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.
Literal secession, with the creation of parallel currencies Bitcoin Cash and Bitcoin Gold, each with their own philosophical and technical preferences.
"[Bitcoin cash] is just being pumped as many other altcoins have been in the past, and inevitably the pumpers will cash out", he said.
At the time of reporting, it seems as if the analysis of Xapo President Rogers is accurate in that the price trend of Bitcoin Cash is simply not sustainable, in consideration of its lack of user base, infrastructure, industry, and strong market.
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