Bitcoin Cash Obliterates Other Cryptos, Rising 40% on Korean Buying

12 November, 2017, 22:02 | Author: Leticia Walters
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Bitcoin added to losses sustained in the previous session falling to its lowest since Nov.1 as traders continued to abandon their bullish bets after it avoided a split in its underlying software.

Bitcoin cash's surge had briefly put the market cap of the cryptocurrency at more than $30bn early on Sunday morning and above that of ethereum, making it the second most valuable in the world behind only bitcoin.

Still, it was an impressive march for a coin which has spent most of its existence trading between $300 and $500.

The news initially sent bitcoin to an all-time high of almost $7,900 a coin. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin's main backers. Bitcoin Cash appears to be attracting investors and network operators, or miners, who had supported the 2x fork. It hit a record high of $7,828 on Wednesday.

Many bitcoin experts including former Coinbase executive and Litecoin creator Charlie Lee stated that in the long-term, it is less likely that Bitcoin Cash would be able to compete with bitcoin due to its lack of infrastructure and developer activity.

By 12 p.m. ET, bitcoin was back up at $6,160.

Segwit2X was created to increase the size of the blocks underpinning the bitcoin blockchain network to enable it to process more transactions more quickly.

The sudden spike in the price of Bitcoin Cash follows major Bitcoin players suspending a plan to increase the block size in the Bitcoin blockchain through SegWit2X. Both Segwit2X and bitcoin cash were conceived with the same intention to help bitcoin scale faster by increasing the size of its blocks.

However, if existing bitcoin companies do not move towards adopting and integrating Bitcoin Cash, it will significantly limit the potential of Bitcoin Cash. After the early days of the hard fork in the beginning of August, this is the best day for Bitcoin Cash holders. I still don't think BCH can compete with BTC long term, but markets can stay irrational for a long time. "Turns out there were a lot more BCH ideologues than we all thought".

Bitcoin has been on a tear in recent months, with a vertiginous sevenfold increase in value since the start of the year that has led to many warnings the bitcoin market - now worth well over $100 billion - has become a bubble that is about to burst.

"[Bitcoin cash] is just being pumped as many other altcoins have been in the past, and inevitably the pumpers will cash out", he said.

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