Economy

Bitcoin Cash Briefly Surpasses the Market Cap of Ethereum at $30 Billion

Bitcoin Cash Briefly Surpasses the Market Cap of Ethereum at $30 Billion

One of the scenarios for the SegWit2X hard fork held that Bitcoin Cash may try to win the leading position of the cryptocurrency market, by securing the highest hashing power.

Bitcoin cash's rise appears to have come at the expense of bitcoin, which dropped to a low of $5,512 per coin over night.

Bitcoin Cash has been often derided in the past months, but first it proved its strength by surviving as an altcoin, and then serving to displace Bitcoin instead of the failed SegWit2X digital asset.

"There are good reasons to believe that Bitcoin Cash could be an alternative for people who believe that low fees on bitcoin transactions are needed today". 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. That may be a stretch, but it's true that transaction backlogs on the classic Bitcoin network are still an issue, and Bitcoin Cash claims to solve it.

Bitcoin Cash was itself an outcome of this dispute. It was trading up more than 50%.

The price of Bitcoin has suffered as a result.

"There were lots of bitcoin cash whales who were in early on bitcoin who were waiting to see what would happen with 2x".

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However, many of bitcoin's core developers opposed it and most miners and many businesses supported the change.

Bitcoin price is tumbling with around $1,000 after the upgrade that was scheduled to take place on the 16th of November was called off.

Clearly, bitcoin and Bitcoin Cash have two contrasting visions; one envisions to evolve as a robust store of value, while the other aims to become a flexible settlement network or a digital cash system. Bitcoin peaked at $7877 and now sits 25% lower at $5879, although support and buying activity is kicking in after trading down to $5603. Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin, five of the largest cryptocurrencies in the market, all have contrasting philosophies, structures, and infrastructures.

The news initially sent bitcoin to an all-time high of almost $7,900 a coin. In 24 hours, the trading volume for Bitcoin Cash surpassed $11 billion.

The only thing about Bitcoin Cash is that it doesn't enjoy a global investor support like Bitcoin.

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.