Bitcoin Cash (BCH or BCC) was the centrepiece of a rocky couple of sessions which followed last week’s surprise suspension of the SegWit2x hard fork that would have doubled the Bitcoin block size to 2MB.
While initially celebrated as a win by many in the Bitcoin community, the suspension prompted a massive shift in the cryptocurrency market. Dissatisfied with the surprising turn of events, some Bitcoin miners redirected their computing power toward Bitcoin Cash. At the same time large amounts of investment capital were shifted toward BCH, which led to a massive surge in the value of the newer coin. The Bitcoin Cash price skyrocketed over the weekend, reaching a new high of $2,477.65 in early Sunday trading, according to Coinmarketcap. This coincided with Bitcoin Cash surpassing the legacy Bitcoin in terms of hashrate.
In the same session the Bitcoin price (BTC/USD) sank to an intraday low of $5,519, its lowest level since October 25. Some miners and 2x supporters forecast that BCH would overtake the original cryptocurrency in the future. The CEO of Bitcoin China Bobby Lee pointed to the decline in BTC’s hash power, saying that if it persisted “BTC has long-term trouble”.
However, it didn’t take long for the market to revert to the established status quo. The Bitcoin Cash price closed yesterday’s session at $1,388.86, having failed to hold its early gains. The cryptocurrency is currently down more than 50% from its yesterday record, though it’s still holding above its August 19 high, which was the coin’s all-time high prior to its most recent run.
Perhaps more importantly, it appears that miners have returned to the BTC network, as today’s data shows that the legacy blockchain claims around 90% of the existing hash rate.
In today’s trading, the Bitcoin Cash price stood at $1,140.39, as of 11:17 GMT. The coin has lost 23% of its value in the last 24 hours, according to data from Coinmarketcap. At the same time, Bitcoin was trading at $6,527.92, having gained more than 10% since the start of the session.
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