Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in Three Days

Bitcoin Price Analysis 10 Nov 2017 7

More profoundly, Bitcoin Cash's hashrate, or network-wide cryptographic processing power, has surpassed Bitcoin's.

Bitcoin cash, the cryptocurrency hived off from bitcoin, has rocketed.

Segwit2x was meant to be a more moderate solution, giving both factions a bit of what they wanted. However, it is important to acknowledge that miners always follow the more profitable blockchain, as they are rewarded with higher returns for producing blocks of transactions.

With a block size of 8MB and several teams of developers that are competing to create a better version of Bitcoin, today's price action across cryptocurrency markets shows that it is well on track. "The pump is already losing steam and can't be sustained because there's no real market for [bitcoin cash]". If it was built on fundamentals, earned over period of time, ok.

Other notable personalities like Jack Liao, CEO of Hong Kong-based mining firm LightningASIC, who has been a noted critic of the mining operations called the recent surge in Bitcoin Cash as "total bullshit".

What happened next was that investors turned to Bitcoin Cash (BCH) and the price immediately rose.

A continued lack of direct practical usability - people still really can't use their bitcoins for much, and transaction approvals still take too long.

One obvious fact is that both Bitcoin and Bitcoin Cash has contrasting visions. Because of its two contrasting philosophies, bitcoin and security expert Andreas Antonopoulos believes that they can co-exist together and can serve their own supporters in a way. Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin, five of the largest cryptocurrencies in the market, all have contrasting philosophies, structures, and infrastructures.

The offshoot digital currency surged more than 30% to its highest since August 19, and was last trading near $876, according to CoinMarketCap.

The news initially sent bitcoin to an all-time high of almost $7,900 a coin.

The only thing about Bitcoin Cash is that it doesn't enjoy a global investor support like Bitcoin.

Over the past few weeks, Bitcoin Cash has attracted a solid demand worldwide.

The price of Bitcoin Cash has dropped from $2,900 to $1,620 since achieving a new all-time high earlier today, allowing Ethereum to obtain its position as the second largest cryptocurrency again.

"Some traders may have been attempting a "dividend play" on the Segwit2X fork and purchasing bitcoin in anticipation", Blair said.

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