Bitcoin Cash just made owners ridiculous profits

Bitcoin Price Analysis 10 Nov 2017 7

Bitcoin Price Analysis 10 Nov 2017 7

The cryptocurrency market is experiencing a complex shakeup this weekend, with a recently created digital token called Bitcoin Cash (BCH) up almost 130% in two days, even after retreating substantially from an even bigger spike. It later recovered a touch to trade around $6,880 by 1645 GMT, but that was still down nearly 4 percent on the day.

Bitcoin cash had a wild night.

In the past week, Bitcoin has gone from a high of $7,700, to a low of $5,600 this morning.

Bitcoin Cash's market cap reached a high of $40 billion following the price rise - cementing its place as the second-biggest cryptocurrency, behind Bitcoin. Bitcoin is down 7.5 percent, Ethereum is lower by a tad over 8 and Litecoin has shed over 9 percent of its value. Bitcoin Cash appears to be attracting investors and network operators, or miners, who had supported the 2x fork.

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The main architects behind a change to its software, known as SegWit2x, cancelled their plans, saying they wanted to avoid any further disagreements in the community.

By 12 p.m. ET, bitcoin was back up at $6,160.

While Bitcoin has corrected by almost 30% from its all-time high, Bitcoin Cash, on the other hand, is gaining significant momentum and recently touched its all-time high of $2477 by crossing $41 billion in valuations and toppling down Ethereum to be the second most valued cryptocurrency after Bitcoin.

As recently as September, Segwit2x was being touted as a strong solution to Bitcoin's years-long block size dispute. The move higher is a direct result of the cancellation of the Segwit2x project that was meant to increase the block size of bitcoin to 2MB.

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"When you look at the trends, it does look like many Segwit2X supporters have switched to bitcoin cash", Abhishek Pitto, CEO of Nucleus Vision, told Business Insider. 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".

On the USA -based Bitfinex exchange, Bitcoin hit a low of $5,426.00, its lowest since October 25 before pulling back to trade at $6,143.30 by 04:49 AM ET (09:49 AM GMT), still down 2.5% for the day. "Turns out there were a lot more BCH ideologues than we all thought". "The pump is already losing steam and can't be sustained because there's no real market for [bitcoin cash]".

It is worth noting that the recent rally was supported by altcoin sell-off as traders exchanged them with Bitcoin, hoping for "free coins" after the hardfork.

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