Here's why I believe we didn't see crazy volatility overnight:
- Bitcoin is to the Crypto world what the US Dollar is to the Global Financial System.
In my humble opinion, Bitcoin is too established and trusted for it to fall like a rock as so many people were "predicting" with their magic 8 balls, simply because of Bitcoin Cash.
source
Bitcoin Cash doesn't have a use case yet (or a "value proposition" for some of the more financially savvy), so even if people wanted to flood out of Bitcoin, today is not yet the time.
It very well may turn out that Bitcoin Cash causes a giant fissure in the BTC community, but the Hard Fork overnight was just a small pinhole in the bedrock of BTC. It's going to take a bunch more pounding into that pinhole before I get concerned about the future of Bitcoin.
Additionally, there are so many crypto n00bs who invested in BTC at high prices (and will likely continue to buy on the dips), that I think it will take a much bigger event where the BTC community loses faith in BTC for a significant drop to occur.
I'm looking forward to how the BTC Community feels in the coming weeks about the aftermath of all of this:
source: https://coin.dance/blocks