Wednesday, August 2, 2017

Bitcoin dumps as speculators rush into new Bitcoin Cash crypto following blockchain split

If there was ever any doubt that most cryptocurrencies are little more than speculative investments, all one has to do is look at what occurred with Bitcoin following yesterday's long anticipated blockchain split and restructure.

On Aug. 1, programmers initiated the Segwit2x initiative which both enlarged the original blockchain 'blocks', and split the cryptocurrency into a secondary one called Bitcoin Cash.  And what took place in less than 24 hours following this shows that investors were primed to sell their positions in the original Bitcoin and thrust the new Bitcoin Cash crypto into third position among the nearly 1000 active cryptos in the market space.

Bitcoin Cash has surged in value since its release yesterday, becoming a top three cryptocurrency with a market capitalization of more than $8 billion dollars at the time of report, according to CoinMarketCap
Currently, the only two cryptocurrencies that are ahead of Bitcoin Cash in terms of market capitalization are Bitcoin and Ethereum, CoinMarketCap figures show. 
Because of its sharp rise, Bitcoin Cash, a cryptocurrency that offers far larger block capacity than Bitcoin, has had a standout performance during its first few trading days, quickly vaulting into the spotlight. - Forbes


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