Bitcoin Drops below $6000 as Bitcoin Cash Surges

Bitcoin Price Analysis 10 Nov 2017 7

In a major milestone for Bitcoin's closest rival, Bitcoin Cash (BCH) surged to an all-time price high past $1k today as the 8MB chain's become a safe haven in the aftermath of the SegWit2x call-off.

It appears that cryptocurrency investors have had similar thoughts, and are moving to the more "progressive" Bitcoin Cash.

Bitcoin Cash has gone from a price of $313 to a high of $2,400 in one month.

Bitcoin cash reached an all-time high of $2,500 a coin early Sunday morning, surpassing Ethereum as the second largest cryptocurrency on the market.

Bitcoin cash had a wild night. However, this is a general trend observed where miners always tend to focus on more profitable blockchain as they get better returns for mining their blocks. It was trading up more than 50%.

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US Secretary of State Rex Tillerson, meanwhile, said that such a meeting was "still under consideration". Both leaders will attend the Asia-Pacific Economic Cooperation summit in the Vietnamese city of Danang.

What's your take? Do you think the future is bright for BCH, or do you think this price surge is just a temporary result in the aftermath of the SegWit2x failure? If it was built on fundamentals, earned over period of time, ok. "Bitcoin Cash will correct very painfully soon". Bitcoin is down 7.5 percent, Ethereum is lower by a tad over 8 and Litecoin has shed over 9 percent of its value. He further stated that "Many, many investors just see the change in hash rate, but they can not support such a big bitcoin cash price". Because of its two contrasting philosophies, bitcoin and security expert Andreas Antonopoulos believes that they can co-exist together and can serve their own supporters in a way.

Bitcoin hit a record high of $7,879.06 that day after the news, but quickly fell and was trading more than 7% lower on the day Friday afternoon near $6,621, according to CoinDesk.

The only thing about Bitcoin Cash is that it doesn't enjoy a global investor support like Bitcoin. Their opponents believe that Bitcoin should be a gold-like "store of value" more than a cash-like instrument, and that congestion can be mitigated without drastically changing the size of archive files - mostly by using secondary systems to conduct more transactions outside of the main blockchain.

Exchanging Bitcoin Cash was also hard due to the high load on exchanges and the increased demand.

The announcement to shelve the upgrade, however, drew disappointment from investors who had expected that the SegWit2x upgrade would have led to the creation of a new cryptocurrency that would have distributed to current holders of bitcoin.

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