Will Bitcoin Cash Price Crush $1000 today?
I truly think so!
It was in a week long sleep for over a week as it sat at around $300.
I have been watching BCH all night long and all day long.
Remarkably Bitcoin Cash (BCH) Price has gone from $300 and started its rally 3 days ago. At this minute it is at $872! Amazing!
Bitcoin Cash (BCH) market capitalization is now at $14.377Billion, today.
Oh shucks! I just can’t keep up. It is $914 right now. Still moving up. What’s going on?
By the time I finish this piece, I am willing to bet, Bitcoin Cash will be closer to the $1000 price mark.
This spectacular growth is unprecedented! Even with Bitcoin (BTC) crushing it last week, hitting the $4500 mark with an unheard of market cap, we’ve never seen any cryptocurrency getting this type of 24 hour percentage price gains.
What is really flooring me is the 24 hour volume for both Bitcoin (BTC) and Bitcon Cash (BCH). Look at the above chart. There are more trading volume happening with BCH than with BTC. Bitcoin’s almost $3billion vs. Bitcoin Cash’s $3.77billion.
I don’t know what to tell you my readers. I will be the first to admit that I didn’t think BCH had a chance in high hell of making it over the hump. Yes, I publicly laughed at it.
There is a contingency (Roger Ver, Vinay Gupta, Vitalik, etc) who believe that BCH is the REAL Bitcoin. They talk about Bitcoin Cash being more “faithful” to the original Bitcoin purpose and mission as detailed by the Bitcoin anonymous originator, Satoshi.
There was a very expensive network spam attack on Bitcoin Cash’s network/blockchain. I think someone paid a pretty penny to try to stop BCH. But I also ‘believe’ that the adversaries of Bitcoin are also playing dirty with their motive of crushing Bitcoin for good. Why can’t we all get along?
As Bitcoin Cash processed an 8MB block (it was Bitclub Network who mined the First 8MB Bitcoin Cash Block), it cleared out over 37,814 languishing transactions. So the BCH price increase is partially due to clearing the backlog.
On 16August, BCH chain difficulty was performing at 13 percent of BTC’s difficulty. An unknown miner or group of miners has captured a huge amount of the Bitcoin Cash hashrate and has mined 90 percent of all the blocks found. No one has been able to confirm who the mystery miner/miners is or are, as the pool has left no clues to its location or identity. Editor’s joke: “It could be Roger Ver. LOL!”
But let us not get prematurely crazy over this. The question is whether BCH can sustain its 1 day party fest. There is proof that there are 2 Bitcoin Cash wallet addresses that are mining over 90% of BCH’s blocks. So who is this anonymous miner or group of miners?
Is this a threat to the infrastructure or???
The support for BCH is indeed picking up as well re: wallet providers and cryptocurrency exchanges. And of course the Korean exchanges are crushing the charts, with Bithumb generating over $1.4bn worth of volume. Coinone and Korbit complete the top 3, all of which have far more volume than any exchange in the world. This is quite significant, as it seems to indicate Korean traders see more value in Bitcoin Cash than Bitcoin right now.
But don’t get it twisted. Bithumb is very bullish on Bitcoin as well so this whole BCH vs BTC is going to be rather interesting.
Keep in mind that there is 90% consensus on the implementation of SegWit with a Bitcoin hardfork coming soon in November 2017. There is a possibility that yet another Bitcoin (B2X) will fork out of there.
I don’t know about you, but I am going to place my bets on BTC, BCH and B2X! I’ll then get the popcorn and put my feet up.
What is really telling is that Bitcoin Cash (BCH) TODAY, RIGHT NOW, is more profitable to mine than Bitcoin (BTC) is. WOW! But I say that to say that you never know what will happen tomorrow. The show is just starting!
Additionally, it is important to keep in mind mining Bitcoin Cash is far more profitable compared to mining Bitcoin right now. A week ago, mining BTC was almost 60% more profitable than mining BCH. But shucks! Right now, it is 87% more profitable to mine Bitcoin Cash compared to Bitcoin.
The Bitcoin Cash network difficulty has been slowly decreasing (the difficulty adjusts to the number of miners mining on the chain), and it’s now set to decline further. Holy crap! Watch out Bitcoin!
Will miners abandon BTC for BCH? Only time will tell. I believe they will mine BOTH. Never put all of your eggs in one basket!
Remember support is slowly growing for BCH and quite frankly BCH and BTC are basically the same animal. There are a few differences between Bitcoin and Bitcoin Cash. The first being that BTC is acceptable by millions of people and merchants , BCH has 8MB blocks, and there are still no major mining pools supporting Bitcoin Cash right now, other than BitClub and ViaBTC.
WOW! Look at BCH go! It is now $1092.00. Oops! It is back down to $973 … nothing is predictable…
As the CryptoCurrency World Turns, the narrative is getting pretty darn exciting and interesting.
Another final change before I stop staring and writing … Bitcoin Cash is now $848!
Faith Sloan, Crypto Queen Wiki http://facebook.com/groups/cryptocurrencyeducation