BCH pushes over $2K in heavy trading, but drops again to mid- $1,500 level as the market shifts.
The death of SegWit2X was seen as a huge boon for the Bitcoin Core team, and social media channels were full of Core supporters congratulating each other. Some supporters of the hard fork even went as far as apologizing for supporting the divisive measure.
However, as the dust from the fork cancellation settled, it became quite clear that the price of Bitcoin had begun to decline. As the price declined, the price of Bitcoin Cash rose in correlation. As it continued to rise the reality of the situation became clear. Much of the support for Bitcoin was beginning to shift to Bitcoin Cash.
Bitcoin vs. Bitcoin Cash
Over the past two days, the price has risen from the mid $500 range to a short term high over $2,150. After the price touched that high, it quickly retreated back below $2,000, settling in the $1,500 range. The major decline was also coupled with a quick pop in the price of BTC, moving back from below $6,000 to $6,200.
The massive fluctuations show the deep divide in the Bitcoin community. The price shifts reveal the desire for some scaling solution for the Bitcoin Core fork, but there is great rejection of Bitcoin Cash as well.
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Author: Jon Buck