The Fall of Bitcoin Leads To Rise in Bitcoin Cash
Billions of dollars are moving in the crypto markets and it is clear where the money is heading. After hitting a record high of $800 of Friday, bitcoin cash has doubled in 24 hours reaching a new high of $2,477 according to CoinMarketCap. With the new price bitcoin cash is valued over $30 billion, stealing the second place standing in the market from previous holder ethereum. The cash movement was the result of businesses and mining pools suspending SegWit2x, which would have changed the rules of bitcoin software.
Jiang Zhuoer, founder of bitcoin mining pool BTC stated, “2x fans are moving both funds and software to bitcoin cash.” Zhuoer added, “BTC is going to die.” Zhuoer isn’t the only individual with this opinion, Hapio Yang CEO of mining pool operator ViaBTC made similar comments, believing, businesses and investors are now moving funds to bitcoin cash.
Willy Woo, one of Coindesk’s top 5 token analysts of 2017 believes the bitcoin cash move is one to watch. Woo added, “It’s backed by a lot of money from China controlling its price and supporting its network. If you buy bitcoin cash, you are betting that China wants it to dominate. That’s a strategic and geopolitical bet,” when taking to Coindesk.
In summary keep a watchful I on the movement of cash as bitcoin cash is showing large growth potential and a strong position for the long term, but is Bitcoin going to crash? What we may be seeing is a shock from the market and a slight drawback allowing investors to buy bitcoin at a discount.