Bitcoin Cash Briefly Surpasses the Market Cap of Ethereum at $30 Billion

13 November, 2017, 02:53 | Author: Terri Saunders
  • A stalemate between warring factions within the community has been broken

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).

DeShone Kizer called the ill-fated QB sneak on his own
The Browns have not won a game all season and if the Lions were to lose, it would be devastating to their playoff chances. Kizer passed for 178 yards and a touchdown and carried seven times for 57 rushing yards and a score prior to the injury.

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.


  • Senegal qualifies for second World Cup after beating South Africa

    Senegal qualifies for second World Cup after beating South Africa

    Two achievements that were enough for Aliou Cissé's men to win this match who have lost in November 2016 because of a poor referee decision.
    TPP nations 'have made good progress' on deal, no-show 'a misunderstanding'

    TPP nations 'have made good progress' on deal, no-show 'a misunderstanding'

    The official said the changes didn't come until after Canada informed the group it wasn't going to agree to the deal without them. Ottawa was also dissatisfied with the way Japan had chaired the TPP meetings, the source said.
    Hamlin eliminated from playoffs, Keselowski advances

    Hamlin eliminated from playoffs, Keselowski advances

    The 15th-place finish is the lowest in his last five races, but it's not Sunday at Phoenix that matters in the hunt for a title. After the red flag to extinguish the fire, Elliott started marching to the front and had his run-in with Hamlin.
  • Rodriguez proves the scourge of Northern Ireland

    Rodriguez proves the scourge of Northern Ireland

    Still, Switzerland dominated much of the first half and should have sealed its place at a fourth straight World Cup much earlier. Seferovic should have settled it in the 85th minute but instead shot high and wide and was substituted nearly immediately.

    Trump lands in Philippines, offers to mediate on S.China Sea

    Mr Trump arrived in Hanoi to begin meetings, before flying to the Philippines to begin the ASEAN meeting and East Asia Summit. Duterte said earlier in the week that he planned to ask China to make clear its intentions in the South China Sea.
    Delhi declares pollution emergency as smog worsens

    Delhi declares pollution emergency as smog worsens

    Madhavan Rajeevan, secretary, ministry of earth sciences, tweeted: "Delhi smog is not localised as seen in satellite image". The thick blanket of grey air and pollutants has enveloped Delhi for the past four days.
  • Lakers rookie Lonzo Ball youngest to triple-double in National Basketball Association history

    The Bucks knocked off the Los Angeles Lakers 98-90 on Saturday night to earn their second straight win. Making things more hard for the Lakers were 23 turnovers, which Milwaukee converted for 17 points.
    Marquez takes pole, Dovizioso starts 9th in MotoGP finale

    Marquez takes pole, Dovizioso starts 9th in MotoGP finale

    However, he'd not have the buffer of Pedrosa for long with Monster Tech 3 Yamaha's Johann Zarco barging past on the second lap. Dovizioso was frustratingly held up by Ducati team-mate Jorge Lorenzo before both crashed out in separate incidents.
    Late comeback falls short as Georgia Tech beats Virginia Tech 28-22

    Late comeback falls short as Georgia Tech beats Virginia Tech 28-22

    Virginia Tech LB Tremaine Edmunds was chosen to wear the special No. 25 jersey that honors former coach Frank Beamer. Defensive end KeShun Freeman, in the game as a blocking back, took the direct snap and ran 3 yards for a first down.
  • Iran Says Nuclear Deal 'Not Negotiable' Following Macron Visit To Region

    Iran Says Nuclear Deal 'Not Negotiable' Following Macron Visit To Region

    In his interview with the Time magazine, Macron also appeared to be supporting Washington's position on Iran's ballistic missile capabilities.
    Trump Attacks World Trade Organisation, Vows To Put 'America First'

    Trump Attacks World Trade Organisation, Vows To Put 'America First'

    He said "every single step the North Korea regime takes toward more weapons is a step it takes into greater and greater danger". Xi's remarks came after he pledged during a state visit to China by Trump to further open his economy to foreign investors.
    General Electric signs $3.5 bln deals in China

    General Electric signs $3.5 bln deals in China

    Both Boeing and European rival Airbus has been battling for large market shares in China, the world's largest aviation market. Boeing Co. announced Thursday it had signed a deal with the China Aviation Suppliers Holding Company to cell 300 airplanes.


Saturday Night Live cold open blasts Roy Moore and Jeff Sessions
Sessions then throws Moore out, saying, "I'm Alabama, but you, sir, are too Alabama!" Newsweek has reached out to Moore's campaign for comment on Jones's claims.

Three US carriers lead naval drill aimed at North Korea
President Donald Trump exchanged war-like threats and insults over the North's nuclear and missile development program. Trump will attend a state banquet on Saturday before a welcoming and deal-signing ceremony on Sunday morning.

How and where to watch the planetary event — Venus-Jupiter conjunction
Viewers in NY will see the Jupiter rise first at 5.26am, with Venus coming at 5.31am, according to Seeing the sun through a telescope or binoculars can cause serious eye Problem without proper sun filters.

Explosion rips through oil pipeline in Bahrain causing massive blaze
Independent news gathering there has grown more hard , with the government refusing to accredit two AP reporters and others. Fire crews later successfully extinguished the blaze on the pipeline, which belongs to the state-run Bahrain Petroleum Co.

Chiefs Defensive Lineman Arrested in Florida on Domestic Battery Charges
The verbal argument allegedly turned physical, with Nicole Miller saying he pushed her around and grabbed her hair. She said Roy threw her phone in the toilet and physically restrained her from retrieving it.

Redskins WR Maurice Harris makes circus TD grab against Vikings
They earned their fifth straight win with a 38-30 victory over the Washington Redskins at FedEx Field Sunday. That number looks better than the attack looked, however, as five different players encompassed the 81 yards.

Russian Federation 2018: Morocco, Tunisia join Nigeria, Egypt, Senegal
Meanwhile, Tunisia 's goalless draw against Libya proved enough to seal their World Cup spot from Group A. Gabon had seven and bottom-placed Mali five.

Tillerson: US Has 2-3 Channels with N. Korea
Shortly after that speech, North Korean officials told CNN, "We don't care about what that mad dog may utter", referring to Trump. Trump has traded insults and threats with Kim in the past amid escalating tensions over Pyongyang's nuclear and missile programs.

16 killed, 7 missing in boat capsize near Vijayawada; govt announces compensation
At least 16 people were killed and seven more are missing after an overloaded boat capsized on a river in India, police said. However, a few passengers wearing life jackets managed to swim ashore with the help of trained swimmers and local fishermen.

Kids help kick off red kettle campaign in Plattsburgh
The Salvation Army says almost 3,000 children will be helped this year in the annual Salvation Army Angel Tree program. Each year legions of bell-ringers stand outside stores and other locations to solicit donations for the organization.