Bitcoin's dip is Bitcoin Cash's gain. Also, date finally set for Bitcoin Gold to begin trading!
After support for SegWit2x dissipated and the proposed software upgrade was suspended, bitcoin cash started seeing increased demand.
At first it was only a slight increase, but now we are seeing a full fledged fomo rally going on.
Bitcoin cash recently hit a high of nearly $1470 per coin, which represented a new all time high for the coin.
At the same time that has been going on, bitcoin has been seeing its price continue to drift lower and lower.
At the time of writing, bitcoin was sitting near $6300 per coin.
Several factors at play.
Bitcoin seems to be selling off for a couple reasons surrounding the cancellation of the planned Segwit2x upgrade.
For one, many speculators had been piling into bitcoin with the intention of collecting the free coins that had been getting airdropped with each hard fork.
The first was bitcoin cash, then there was bitcoin gold, and then many were hoping there would be the SegWit2x version of bitcoin airdropped on them as well.
When that didn't happen, many of those speculators likely decided it was time to lock in profits and move those funds elsewhere.
The other primary reason likely has to do with what this cancellation of the proposed upgrade likely means going forward.
The SegWit2x proposal had been in the works for 3 years now with several compromises coming along the way. The fact that it wasn't able to go through is leading some to believe that the software upgrades that bitcoin likely needs in order to scale may be impossible to eventually get.
For that reason, many of the big block supporters decided it was now time to move money away from bitcoin and into bitcoin cash because that one has bigger blocks.
Taking the above into account, it appears there is a momentum related reason for funds shifting as well as a fundamental one.
In other news, a date is finally set for Bitcoin Gold to begin trading.
The bitcoin gold network is officially slated to go live November 12th at 7 pm UTC.
Bitcoin gold has all been forgotten about with all of the recent headlines being about bitcoin and SegWit2x.
However, I am sure many bitcoin owners are anxious to get their airdropped bitcoin gold coins as soon as possible.
It looks like they don't have to wait much longer as the coins could be available for trading as soon as tomorrow.
Bitcoin gold (futures) have been enjoying a nice bounce as well ever since SegWit2x was officially suspended. It's now trading up near $400 per coin, after spending the last couple weeks around $150 per coin.
It will be interesting to see what investors decide to do with these new coins. There appears to be much less support for bitcoin gold than there was for bitcoin cash.
For that reason, I would not be surprised to see bitcoin holders start dumping their bitcoin gold holdings as soon as they are able.
However, the recent news about SegWit2x not going through might cause some to hesitate slightly as it isn't quite as clear today which bitcoin is the "real" bitcoin, at least not as clear as many thought that it was just a few short days ago.
Stay informed my friends.
Sources (including images):
https://bittrex.com/Market/Index?MarketName=USDT-BCC
https://themerkle.com/bitcoin-gold-will-finally-launch-on-november-12/
https://coinmarketcap.com/currencies/bitcoin-gold/
Follow me: @jrcornel
Bitcoin Gold will most likely be dumped en masse, or maybe seeing as how BCH has appreciated considerably since the fork, many people might decide to just HODL.
Some people will HODL on Bitcoin Gold just because they got some coindust when the fork happened and such can't trade or withdraw it in supported exchanges. Others will HODL it because they don't know how to transfer it out of their wallets.
Haha, the last point is very accurate. I've seen a lot of bitcoin users who up until just a few days had no idea they even had any Bitcoin Cash from the fork back in August.
I suggest checking this out - there's a possibility that this was all pre-planned: Segwit2X Was a Planned Hoax All Along? Anonymous Warning from Before Bitcoin Cash Forked - Chinese Miners Planned All Along To Replace BTC with BCC.
I wouldn't doubt it.
I want to see it reach 1500usd
But rather in a few years, instead of a few weeks.
I want 2K.
Would be nice trading opportunity to have at last proper btc hedge, but I really doubt it would be btc cash.
How do you feel now that bitcoin cash has hit half of btc's value?
BTC has been upgraded it is using the lighting network which will be able to handle even more transactions then bitcoin cash can handle. Its all junk news and a bunch of cry babies not getting their way hyper inflating bitcoin cash.
You need to understand 3 major flaws with bitcoin cash.
People have millions of bitcoin cash still locked up that they got when BTC hard forked but a large portion of people don't know how to access it. When coinbase for example unlocks it literally millions of new BCH will flood the markets.
Right now BCH is processing way to fast and is leaps and bounds ahead of BTC in terms of coins minted. Its being totally hyper inflated at the moment and its about to be hard forked for this exact reason.
The hard fork most likely will fail causing a split in the coin because so much hashing power is being dumped into it now.
Miners and investors are totally scamming people right now and manipulating the system and at the end of November and early December we are going to see this.
No lightning network ... That is vapourware at present.
id like to see your lightning network source?
The same could happen with BTC, if one major BTC holders throws a lot of BTC on the market. The price of the 'original' btc will tank too.
It's time for BTC to share the love.
To me, BCH is a bit scammy, the guy behind it, Roger Vers doesn't care about the coin as much as he just wants to make profits out of it. The fact that he owns the domain name bitcoin.com makes it easy for those brand-new and unsuspecting to simply buy BCH without realizing that it's not the original Bitcoin. The hoopla created now, just waiting for the Bitcoin community to settle out .. too much media/fake media and information circulating around creating FOMO and FUD.
Thank-you. Your comment helps dealing with FUD & FOMO for us invested in the real bitcoin.
Thanks for this informative update.
As a techphobe, I cannot always follow what is going on behind the scenes, so I truly appreciate posts such as this, with timely and relevant info that is presented in an clear and understandable way.
Not only does it explain and clarify the current situation, but it also allows me to make informed choices about what to do with the various coins that have been forked off.
Cheers, and Full Steem Ahead.
Could it be possible that this also related to the ridiculously high transaction fees that are charged when sending Bitcoin?
Most likely. Those insanely high fees were one of the main reasons that Roger Ver and his cohorts forked off and created Bitcoin Cash.
Of course, without all the necessary infrastructure in place, Bitcoin Cash was expected to have a bit of a tough time. But with its recent surge to well over $1,000, it looks as if its "tough time" might be over.
The next few months or years will be very interesting as the various "Bitcoins" vie for market dominance.
The resilience of Bitcoin Gold is amazing and stupid at the same time.
No wallet, no network, no nodes yet. One developer.
Bitcoin gold currently has a 8.3 Billion market cap.
Makes me sad.
Nothing like putting the cart before the horse. Information like this makes it hard for cryptos to be taken seriously.
Thanks for the update
True holders gonna hold!
I'm gonna cash out 1 or 2 just to take a profit, the rest get held.