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.
@jrcornel although we've seen a slight drop in the price of Bitcoin, I expect it to rally and will begin to surpass a crazy high figure. My attitude on this came after Alex and I had an interview with Ryan Wilder who use EWA to predict the price movements. We focussed on the price of Steem, but we briefly touched upon BTC. Would love to hear your thoughts if you have the time to watch it.
Always a fan of your content.
Anton
Did you know that there are BitcoinCash Atm machines across Los Angeles?
Got to think of it this way one of the reasons i don't think bch will get adopted is also the name. "Let me go get some bitcoin cash out of the atm" I think bitcoin sounds better than bitcoin cash or maybe we're all just used to saying bitcoin instead of bitcoin cash.
steem cash don't sound nice. Steem and cash don't go hand in hand lol.
Haha, fair enough!
the only thing that sucks with bitcoin gold is that there is no wallet on pc
true, but be patient, BTG is still in active development. Tomorrow they will start their Mainnet Launch around 7PM UTC.
I would follow what some experts say, sit tight and wait, I doubt that no pc wallet will ever support it. Let me know if you read / hear anything, I will let you know as well, peace!
Checkout their FAQ page faq
People say Bitcoin Cash will be the new bitcoin . If this happens many will lose many !!!!
While Alts will have great BOOM
Lots of people want to believe that BTC Cash will take over.
They see that the price of Cash is much lower so the step to buy in is smaller.
Newcomers rather spend $360 on BTC Cash, then $6000 on BTC.
Bitcoin cash, gained a vote of confidence? that segwit2x was cancelled. Guess thats why its pumping like crazy!
I kNOW! I just made a video about it. Check it out on my blog.. IT IS NUTS! BCH WENT TO 2500!
I think the cheaper transaction fee is a small things that matters..
The whole crypto sector is one big pump. Why be surprised?
There definitely seems to be some problems with bitcoin and bitcoin cash looks to be taking advantage of it! The transaction fees are very high for btc compared to bch
The only downside. Just have been buying eth instead for faster transactions. Just a matter of time before eth is adopted by merchants with it's low fee's
Agreed. BTC has failed miserably and seems to be going in the wrong direction!
BTC has failed?? I don't think so... it was due for a correction anyway! Besides when everyone gets their free money from the pumped up bitcoin fakes they will need to store it in the real decentralised Bitcoin.
Ofcourse , I'm saying it has failed in its original vision!
Maybe, whose to say!? Cryptos are still in there infancy... there is yet time to to patch things up!
I don't mind the bitcoin developers having a ding at each other as long as they don't screw the whole thing up....and we end up with good ol' fiat!
I agree that crypto is still in its infancy stage but patching things up becomes more difficult with huge amount of $$$ involved, human nature and its greed quickly kicking in, FOMO etc..
They may well screw it up if they are not careful. We may btc1, btc2, btc3, btc4, btc5, ......., btc-n with each coin belonging to dev group1, devgroup2, devgroup3, devgroup4, devgroup5 ............., devgroupn, respectively. We may see mini groups of a centralised version of bitcoins, bitcoins included.
They need to get their shit together now !
Me, I'll just ride the waves and enjoy the free coins! Can't put trust into a team of arogant human beings who put their self interest first at the expense of destroying the original purpose of the blockchain technology which is to decentralise everything!
Once BCH is accepted in Coinbase, that will be the game-changer,
Will everyone just dump it who receives it? I am curious to see how this plays out!
Bitcoin Gold and cash is a alt coin 😂
They will soon drop and alts will rally
I hope its ETH! check out my video on my blog to get my full perspective but long story short BCH HIT 2500! I'm wondering if this is a FLIPPING or still just a big PUMP. If it is it's the greatest PUMP of all CRYPTO TIME except for BTC.
Bitcoin is still much safer than Bitcoin Cash, keep that in mind if you are thinking in switching to BCH.
Agreed. I am not thinking of switching to anything. I am holding the same amount of BTC and BCH, to me it is not certain which bitcoin ultimately wins out.
True
Bitcoin should never be replaced by its clone. If scaling, transaction speed and fees are the issues, people should turn and look into other coins such as litecoin, vertcoin etc as an alternative than using this 'fake bitcoin' that was basically created out of thin air.. not so different than the dollar imo. If we continue to support these bitcoin clones, this will fundamentally destroy bitcoin and cryptocurrencies as a whole. Bitcoin Core should be treated as a stored value and not a medium of exchange if we want to fix the scaling issues and continue the growth of cryptocurrencies
My latest post might reveal the real crux of the matter
Bitcoin was due for a correction, anyway. I'm can't wait to see how bitcoin responds to this test... It has after all been the model of 'anti-fragile'. My advice guys buy on the dip.
helpful post.
I vote, reply and follow you .. please vote, reply and follow me .
Please only make posts that contribute value. If you just ask for a vote you will get flagged for spam
good
done follow me as well
Seems bitcoin gold and cash are correct coins to switch at present moment
Wouldn't get into bch at these prices. It might go to over 2k+ but right now it's overbought due to fomo
Agree. But ibelieve more in gold and bitcoinZ then in cash. We Will see, it gives every time Nice opportunities
I do not believe in any of these coins. Too much greed and emotion at play but I will not dump my free coins, at least, not anytime soon! I observe and ride the emotional waves driving cryptocurrencies. Be greedy when others are fearful and fearful when others are greedy . Bitcoin's transaction fees rose back to over 1.5 USD just a few days ago. It still baffles me why the community remains undecided against an increase in blocksize by just 1 MB . To think after BCH fork, the rest of the comm would have stuck together. The reality is very different because lots of money is involved. Humans and their lust for power and greed!
Nice work bro...👌👍
That is interesting , you will invest in bitcoin cash ?
I would suggest not to since it's already gone up a lot. It could go to 2k but it also could go back down so it's a high risk.
I'm not investing an any of them right now. I'm just playing with HODLed money right now.
Bitcoin Gold got another chance to shine, I am curious how will it turn out this time!
Good to know that there is finally a release date for Bitcoin Gold. Wondering what others think about the impact of Bitcoin Gold release? I was thinking lot of people will sell and move it to Bitcoin itself, but with Bitcoin Cash going up so much I'm no longer sure if that will happen. Maybe there might be a rally for Gold as well
I think bch will go up a little bit then it will dump and everyone will start to put $ into alts regardless if btc drops or goes back up again
I agree too. BTG and BCH are there short-term for people to dump and put back into BTC or alts.
I believe that bch will go to 2500$ in December.
Realistic price but i don't think it will ever surpass bitcoin just how etc will never pass ethereum
I'm sure it could pass ethereum if silly programmers keep losing money...
thank you for the information.
Ultimately all it is right now is fomo ( fear of missing out on bitcoin cash) i expect it to crash soon when the profit takers take their profits and move into altc
alts*
Agree. Alts are road ahead
I think the game is played through btg. Do not believe, do not deposit your money!
Well formulated
Here's my first reply and post on steemit, lately I've been thinking about the old adage: "don't follow the crowd." Which for me right now means, I'm not buying bitcoin cash or trading my bitcoin into bitcoin cash and I'm just holding my bitcoin.
I think it is a good idea for bitcoin to work on improving its high fees problem and implementing something without a fork.
You are holding your BTC but othets need to be mivng it around. This includes merchants etc.
Woaww
Looks like BCH guys might have played this really well. Let everyone sell their airdropped BCH and then pump the hell out of it. I love it, the attention reminded me to claim some of the BCH sitting in a wallet offline.....I'm going to let it ride!
One this to consider about Bitcoin Gold is that much of it might not ever go into circulation. I say this because there was so much indecision on the part of exchanges prior to the fork. Bittrex pretty much simultaneously announced that would take the "photo" and give their customers the Bitcoin Gold and then immediately locked the wallets. Which is fine if you still had your Bitcoin on Bittrex but if you have moved to a non-exchange wallet so you would have the "private key" then you might have a problem. That is if the wallet you used does not support Bitcoin Gold. As Bitcoin Gold is brand-new I would guess that is most of them.
In my case I had my Bitcoin on a Jaxx Wallet. I have no idea how to get the Bitcoin Gold off of it. I suppose Jaxx may someday support it and then it might show up. But then again maybe not. Also I have no idea if I lost any potential chance of that happening when I moved the Bitcoin back to Bittrex when then announced they would support the November fork, which of course got cancelled. I did not want to lose out on two forks.
I admit that I am somewhat new to cryptos, but not as new as many. My guess is that a lot of Bitcoin Gold will never be used by anyone, because a lot of owners are sitting on keys without any doors to use them on.
Yup agree man. There's so much confusion as to which wallets do indeed support BTG. I don't even care about those forked coins, the Bitcoin community needs to stop with all these hard forking.
I agree about the forks that split the coins. However I don't have problems with improvements, if a consensus can be reached. But I do care about the "free" coins. They do belong to me and they do have value, even if the value is to sell them and buy BTC. Also you never know who might win the "civil war". So if you are a hodler , wouldn't you want to hedge your bets and keep both? Or all three? Or all....................however many they end up with?
Have you heard of bitcoin diamond yet? Looks interesting. http://www.btcd.io/index.html faster block times and bigger blocks, as well as encrypted transactions.
It could be interested if they get listed it on major exchanges. There is so much hype about Bitcoin forks that would be easier to use for low-end machines and new users, but usually that is nothing but hype, just like with Bitcoin Gold and Equihash algorithm.
Just keep giving me more coins, I will not complain.
The supporting infrastructure around Bitcoin is worth the investment..without them the functionality of Bitcoin in the mass market is limited...see how DASH is responding for example
When is Bitcoin Cash going to crash or at least drop? Maybe post fork when hype dies down
...or the other way around.
I was wondering about when bitcoin gold would start trading... thanks for passing this info along.
thanks man, I am curious what will you do with your BTGs ? dump or hold? I am not a miner but I like their idea of making mining more democratic for people, instead of letting a select group of companies taking control over the mining of cryptos.
BCH is up 1364 dollar
Can't believe it hit $2,400 overnight!
interesting ..
You may be bang on. Big volumes in both BTC and BCH.
https://pastebin.com/n0aGBMQr
Yeah watching Bitcoin go down kind of freaked me out. I quickly moved what I had there back to ether until everything settled down. I was totally clueless. Only been doing this for 3 weeks after I found quite a bit of ECR-20 that turned into quite a bit of ether. So I bought a bitcoin and still kept most of it in ether. That was the first trade I made. For a week, everything was great, lol.
Informative article. Thanks
For the last 2 days BTC prices are going down. Are we going to see another price dip?
I doubt there are many out here who have to intestinal fortitude to ride the upcoming dips.
If you look at the rate BTC is dropping at and BCH increase there is a direct correlation. I think the trend will continue to move away from BTC and into the likes of Dash and BCH, currencies with far quicker transaction times at a fraction of the cost. BTC will continue to correct to around 4K in my view.
Nice post! Have you taken a look at where all of that volume came from? I mean, what a pivot!
I can't imagine there being too much of a change though. BTC is still far more accepted. BCH has ~315 nodes where BTC has over 11,000. BTC is still traded on far more exchanges, and the github development is better.
As we have just witnessed, BCH is far more susceptible to market manipulation than BTC.
I appreciate your analysis though, great work!