Over the weekend Bitcoin price showed extreme volatility, declining to as low as $5,500. However, on Sunday the prices soon rebounded to $6,200, posting a market cap of $100 billion.
This crash could be attributed to the surge in the value of Bitcoin Cash, and the movement of SegWit2x supporting investors, users, and businesses shifting toward Bitcoin Cash with one unified vision.
Jiang Zhuoer, founder of Bitcoin mining pool BTC.Top, said simply that Segwit2x fans are moving both funds and mining hardware to Bitcoin cash.
“BTC is going to die. I think more and more Bitcoin holders are starting to understand what is the real Bitcoin,” Zhuoer said.
Bitcoin Cash price saw an increase from $600 to $1,500 in the past week, reaching as high as $2,800 on Sunday – becoming the second largest cryptocurrency overtaking Ethereum. Although, BCH could not hold above $2,000 for long. The prices plunged from $2,800 to $1,500 in a matter of few hours.
At the time of writing BTC and BCH are trading at $6,053 and $,1322 respectively.
When BCH price was going berzerk, Xapo President Ted Rogers stated that the surge in the price of Bitcoin Cash was not sustainable, given that there was no infrastructure, community and active user base to back such trend.
As soon as Bitcoin price went below $5,700, traders and investors started buying the dip, rebounding the price of cryptocurrency back to above $6,000.
According to Simon Dixon, the co-founder, and CEO of BnkToTheFuture, Bitcoin Price will likely increase in the upcoming weeks due to the entrance of large-scale institutional and retail investors through Bitcoin futures and derivatives exchanges.
Notably, CME Group and CBOE, along with LedgerX will launch Bitcoin options, futures, and derivatives targeting institutional investors by the end of 2017.
Now that it seems that most of the SegWit2x supporting businesses and miners are behind Bitcoin Cash, there is a good chance Bitcoin Cash will continue to co-exist with Bitcoin.
Here’s what Andreas Antonopoulos, a Bitcoin and security expert tweeted on the matter:
“Bitcoin and Bitcoin Cash will coexist and serve different use cases, just like Bitcoin and Ethereum. It’s not a zero sum game. Work on building your project, not on destroying the other.”
Top Stories from the Crypto World
1. Bitcoin Gold goes live after a rocky start
Developers of Bitcoin Gold published software for the forked cryptocurrency today. This comes weeks after the team initiated a split from the main Bitcoin Blockchain.
The launch caps a lengthy period of development for the cryptocurrency, which follows Bitcoin Cash, a near $30 billion network that split off earlier this summer.
Now that the public mining for the cryptocurrency has begun, with several mining pools opening up in coordination with the launch, the process of distributing the software is going through some hurdles.
Some users had problems connecting their nodes to other computers on the network. Others allege they were receiving spam messages containing links to fake software clients.
2. Regulators have duty to learn from ICOs, says Singapore Central Banker
Yao Loong Ng, executive director of Monetary Authority of Singapore (MAS) said that, although many are skeptical on the “speculative” use cases of the technology, regulators “have the fiduciary duty to be alert on the potential outcome.
“If the process of writing a white paper for an ICO and subsequently listing on an exchange could take a matter of days, then clearly it is something that we can learn from,” he added
3. Mark Yusko says Bitcoin will reach $400,000
Mark Yusko, founder, and CEO of Morgan Creek Capital Management, with $3.7 billion in assets under management, has predicted that Bitcoin will eventually be worth $400,000. Yusko got into the cryptocurrency in 2011. He was clear about the future, however, in spite of the lack of support among institutional bankers. He noted:
“This will change the supply and demand equation for banking. It is that big. I’m not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”