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13 November 2017, 12:21 | Cedric Leonard
Bitcoin Cash Obliterates Other Cryptos, Rising 40% on Korean Buying
It reached a record high of $7,888 around 1800 GMT on Wednesday after a software upgrade planned for next week that could have split the cryptocurrency in a so-called "fork" was suspended. Bitcoin Cash appears to be attracting investors and network operators, or miners, who had supported the 2x fork.
Goldman Sachs experts predicted that Bitcoin prices will consolidate near the $8,000 mark for some time before continuing its surge, the CoinTelegraph reported.
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. Xapo President Ted Rogers said that this growth of Bitcoin cash is completely inorganic and unsustainable for the long term.
Segwit2x was meant to be a more moderate solution, giving both factions a bit of what they wanted.
Still, it was an impressive march for a coin which has spent most of its existence trading between $300 and $500.
The steepness of BCH's rise today is perhaps what's most impressive, though, as the cryptocoin that contains Bitcoin's genesis block has now rocketed upwards of 50% in the last 24 hours.
There is a lot of confusion looming over the recent uptrend in Bitcoin Cash and as it is now more profitable to mine over Bitcoin it is certainly going to grab more attention from miners.
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.
"People who had been supporting Segwit2x could as an alternative move to Bitcoin Cash", he said. But it still couldn't gain enough support to be implemented on the primary Bitcoin blockchain.
Soon after the Bitcoin Cash touched its all-time high it was for little time that it could sustain this surge strongly and has been showing huge volatility since then.
Bitcoin cash has shot above $1,900 according to coinmarketcap, more than double its value on Friday when it had already hit a three-month high.
Exchanging Bitcoin Cash was also hard due to the high load on exchanges and the increased demand. "It's been a battle of investors versus traders that were stockpiling bitcoin to get their 'bitcoin2x dividend'".
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