Bitcoin Cash as you’re probably aware was created at very short notice out of a split from the Bitcoin blockchain.
It was one of the Bitcoin Improvement Proposals, (BIP) proposed to make Bitcoin better.
The main difference was the 8MB block size limit as opposed to Bitcoin’s 1MB limit. In theory, it should be a better version of Bitcoin. So why has it done so bad on the markets?
There are a number of reasons, but the one I think has had the biggest impact is the fact there was such short notice before hand. Just two weeks before the split deadline on August 1st, it was ‘confirmed’ that BIP 91 would be going ahead. That Bitcoin would soft fork, implementing segregated witness, before having a hard fork 3 months later.
Then what seemed like it came out of nowhere, Bitcoin Cash came on the scene and a small minoroity, but still enough to go ahead came out of the woodwork meaning there would in fact be a hard fork, something many Bitcoin enthusiasts were very sceptical about.
With barely any prior warning, there was barely any positive news about Bitcoin Cash and although it was meant to be better, has plummeted in price!
Bitcoin on the other hand has in the past few hours smashed past it’s all time high, currently sitting at £2512 ($3276)! Not much confidence has been placed in Bitcoin Cash, and it seems a high number of people have sold off their Bitcoin Cash, many of them trading it for Bitcoin which is likely to have contributed to Bitcoin’s new high!
Many exchanges like Coinbase, chose not to support Bitcoin Cash. Maybe if every exchange had chosen to support the new currency, it would have done better, but for now we will have to wait and see what happens, as the price of many other currencies are booming!
Ethereum, which for weeks has plateaued and fluctuated between £100 & £170, looks like it’s making a good recovery with the price at the moment at £190 ($247).
Antshares (Now NEO) is doing exceptionally well, increasing by over 100% in the last 7 days! It’s price sitting at the moment at around £10 ($13)!
The Bitcoin fiasco which has for weeks stunted the growth of most altcoins is now over and it looks like we’re in for another exciting period of growth!
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