Bitcoin Cash Surges After SegWit2x Fork Fizzles
- 7 years ago
Bitcoin Cash Surges After SegWit2x Fork Fizzles
The bitcoin community celebrated short-lived unity last week when business executives called off support for a controversial network fork, SegWit2x, which could have further divided the network's resources across rival camps. Then a previously forked currency called bitcoin cash (BCH) skyrocketed over the weekend to around $1,856 per token, according to Coin Market Cap. This temporarily made BCH the world’s second most valuable cryptocurrency, with a global market cap over $30 billion, trumping Ethereum as it raised questions about the future of bitcoin.
Cryptocurrency developer Tom Zander argued bitcoin cash could even eclipse bitcoin over the next six months. “I'm sure we'll just drop the "Cash" and call it ‘Bitcoin,’" Zander wrote in a blog post. Jihan Wu, co-founder of the world’s top mining hardware manufacturer Bitmain, told Forbes BCH has more potential than the original. There are a lot of unique factors driving BCH prices up as bitcoin itself dipped, stabilizing around $6,544 per BTC by Monday. Bitcoin is still king in the broader cryptocurrency market. But the weekend's events show just how vulnerable that position can be.
The bitcoin community celebrated short-lived unity last week when business executives called off support for a controversial network fork, SegWit2x, which could have further divided the network's resources across rival camps. Then a previously forked currency called bitcoin cash (BCH) skyrocketed over the weekend to around $1,856 per token, according to Coin Market Cap. This temporarily made BCH the world’s second most valuable cryptocurrency, with a global market cap over $30 billion, trumping Ethereum as it raised questions about the future of bitcoin.
Cryptocurrency developer Tom Zander argued bitcoin cash could even eclipse bitcoin over the next six months. “I'm sure we'll just drop the "Cash" and call it ‘Bitcoin,’" Zander wrote in a blog post. Jihan Wu, co-founder of the world’s top mining hardware manufacturer Bitmain, told Forbes BCH has more potential than the original. There are a lot of unique factors driving BCH prices up as bitcoin itself dipped, stabilizing around $6,544 per BTC by Monday. Bitcoin is still king in the broader cryptocurrency market. But the weekend's events show just how vulnerable that position can be.