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

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

But now money is pouring out of bitcoin and into bitcoin cash, the cryptocurrency that split from bitcoin in August.

BTC/USD was down another 12% on Sunday to trade at $5,863. Bitcoin peaked at $7877 and now sits 25% lower at $5879, although support and buying activity is kicking in after trading down to $5603. He further stated that "Many, many investors just see the change in hash rate, but they can not support such a big bitcoin cash price".

The recent cancellation of the SegWit2X update has paved the way for a bearish bitcoin market. The coin has added more than $1,000 over the past five days. It looks like someone wanted to see Bitcoin reach even higher highs than the ones of a week ago. Digital currencies run on a technology called "blockchain" which records all transactions.

Samson Mow, chief strategy officer at Blockstream and bitcoin evangelist, told Business Insider bitcoin cash's price pump will be short lived. It also surpassed Ethereum as the second largest cryptocurrency by market cap, according to CoinMarketCap.com.

Experts think bitcoin's crash and bitcoin cash's rise are related to the same thing: a planned upgrade to bitcoin's network being called off. It was expected by nearly everyone that if that ratio were to increase it would be because of money flowing from BTC to ETH and not BTC to BCH.

Some interesting developments have happened since 2x was cancelled.

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But, SegWit2x supporting businesses and their executives including Xapo President Ted Rogers emphasized that the short-term price trend of Bitcoin Cash has been inorganic and unsustainable, given its 100 percent increase in value within a single day, and the concentration of the trading volumes in the South Korean cryptocurrency exchange market.

Bitcoin's forced split was scheduled to occur on or about November 15 following months of heated dispute about scalability.

The Segwit2x fork was created to increase capacity and the latest volatility comes amid a scaling debate.

Bitcoin cash is gaining as traders who were disappointed with the suspension of the so-called hard fork, or split, may view it as an alternative. As Christian Catalini reminded, there's usually a trade-off between the two. So again if trading these markets one clearly needs to understand adapt to the risk when trading a highly volatile market. Although the underlying trajectory remains up, multiple pain points continue to plague the industry.

Over the past few weeks, Bitcoin Cash has attracted a solid demand worldwide. Previously, traders had complained that it was the bitcoin alternative's intrinsic value was hard to evaluate.

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