Cash is king and over the past weekend, Bitcoin Cash proved just how blue its blood is by reaching a record high. Could Bitcoin Cash be the new Bitcoin?
Following the news that the Segwit2X hard fork had been cancelled, the golden boy of the crypto world, Bitcoin, slowly but surely started stabilizing and is currently standing at $6 538.79, after going way over $7 000. In a surprise move, its fork, Bitcoin Cash started increasing by more than 160% hitting an all-time high of more than $2 000 per coin.
To top it all off, Bitcoin Cash was even the second-largest Cryptocurrency for a brief moment, as its market cap exceeded Ethereum with a market cap of more than $41 billion. Ethereum co-founder, Vitalik Buterin took to social media to congratulate the move.
Bitcoin Cash is the result of Bitcoin’s Segregated Witness or SegWit. In July 2017, miners voted in favour of SegWit that was aimed at increasing Bitcoin’s Blockchain from 1MB to 2MB. Following the activation of SegWit, those who had Bitcoin was gifted free Bitcoin Cash. The hard fork coin has been met with scepticism, with plenty of crypto analysts and bloggers taking to social media stating that they think Bitcoin Cash will be short lived. This is mainly due to a split amongst the crypto community, whereby some are in favour of SegWit and others are opposing the so-called upgrade. Bitcoin Cash was mainly created for allowing Bitcoin transactions to go faster and was to be an alternative to support Bitcoin.
CoinDesk quoted the founder of BTC.Top, a Bitcoin mining pool, saying that the reason for the spike is due to ‘2x fans’ moving their funds and hardware used to mine Bitcoin, to Bitcoin Cash. The founder, Jiang Zhuoer predicted that Bitcoin will die. Even the CEO of ViaBTC, Hapio Yang agreed with Zhuoer and called Bitcoin Cash ‘the real Bitcoin.’
Meanwhile, plenty of Bitcoin holders are eagerly awaiting the release of another Bitcoin hard fork namely Bitcoin Gold. Various exchanges have said they would support the fork whilst others said they would not following replay protection concerns. Tick-tock.