Saturday, August 19, 2017

Cryptocurrency speculators moving out of Bitcoin and into Bitcoin cash as price spikes 40% in single day

Following the Segwit2x 'Hard Fork' a few weeks back, Bitcoin surged to new all-time highs, even crossing over the $4500 mark in some exchanges.  Meanwhile, Bitcoin owners were introduced to a secondary coin known as Bitcoin cash, and within the Bitcoin community there has been much discussion over the supremacy of one over the other.

For the first few weeks that debate was fairly moot as Bitcoin soared much higher than its 'little brother'.  But over the past three days something has changed where speculators of the cryptocurrency are moving out of Bitcoin and helping Bitcoin Cash to skyrocket several hundred percent in that time.

The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions. 
Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash. 
However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap. - CNBC
Now this swapping of volume from Bitcoin to Bitcoin cash does not mean that the original cryptocurrency is completely losing out as it remains above $4000 per coin, and still higher than it was prior to the hard fork.  But what it does mean is that speculators who make up the bulk of cryptocurrency buying will have a more diversified choice on what to invest in, and this could easily cut the overall population buying into Bitcoin the same way Ethereum took a large market share away from them earlier this year.


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