This last week was pretty crazy for cryptocurrencies as a whole. Bitcoin cash was sleeping until it shot up to over $2,200 in less than a day. Knocking Vitalik Buterins, Ethereum, out of the park. Way, way out of the park as a matter of fact.
This happened because it was announced that the fork planned for the 12th of November (SegWit2x) was canceled. Fear, uncertainty, and doubt started to close in. Bitcoin holders started selling off for bitcoin cash.
Bitcoins Segwit2x fork canceled.
The bitcoin price mooned passed $7,000 as a result of users buying it up in anticipation of receiving the new coin (bitcoin gold) that would form as a result of the fork. For those who are unaware of how economics work, constant and heavy demand for something drives prices up.
All in all, communities were divided in terms of their opinion on the fork. Some didn’t want it because it had no replay protection. While others said screw it, at least the bitcoin Blockchain won’t be so overloaded.
By the way, all of the hype and demand for bitcoins caused the network to become stuffed. I have to wait almost 2 days for my transactions to go through.
Back to bitcoin cash baby.
As I previously mentioned, the coin smashed through the $2,000 threshold like the hulk. A lot of investors simply started buying it up as a means of protesting SegWit2x, leaving the original BTC network.
Koreans were also stocking up on bitcoin cash like crazy.
A lot of esteemed crypto world elites carry positive outlooks on BTH. Like Buterin himself, and Roger Ver (one of the world’s first digital millionaires and early BTC startup investors).
Bitcoin cash did absolutely plummet by almost $1,000 right after it sprung. So, we I’m going to keep a close eye on it. It’s not impossible for huge fluctuations like this to occur in the crypto world, but still.
Bitcoin gold was released earlier this week on the 12th. A few popular exchanges are currently providing support for the coin. The price spiked up prior to the announcement, however, it came back down a little bit.
Though, I expect it to continue climbing up. I can’t currently say if it will reach BTC cash levels, but still, expect some gains. There have been over 6 thousand transactions with it over the last 24 hours. So, it’s definitely alive, but time will tell.