Coinbase adds Bitcoin Cash (BCH). But don't fall for the big Bitcoin sell off!

The news that Coinbase has added Bitcoin Cash to its platform has by now probably reached everyone on the Interwebs. You will also have noticed that the price of Bitcoin nose-dived, bringing a bunch of altcoins with it. At the start of the day, Bitcoin was at $18,800. Since the news about BCH hit, the price hit a low of $15,746. That's a staggering 15.24% drop! Here it is in pictures:

Apparently, over $30 billion was extracted from Bitcoin. So where did that money go, you ask? Well, right here:

That's right, whales sold their Bitcoin and put it straight into Bitcoin Cash.

So what does this mean for the BTC market? Well, the thing to remember here is that Bitcoin is still the standard. It's the coin that people know. It's the coin that many offline businesses accept. It's the coin that all other coins rely on to cash out. It's slow, it's expensive, but it's likely here to stay. This could be a great time to buy some cheap Bitcoin. This could also be a ploy by whales to get cheap Bitcoin themselves. We've seen it happen several times, and we shouldn't fall for it.

My opinion on BCH is: it's just another altcoin with bitcoin in its name. There are far better, far cheaper, far more useful coins out there. I personally wouldn't go near it, and I'm holding my Bitcoin for when it hits its all-time high of $20k+, which shouldn't be far off.

What are your thoughts? I'd love to hear them.