Sunday, November 27, 2022

Bitcoin Cash Breaks $1k in Wild Aftermath of SegWit2x Failure

Bitcoin Cash Breaks $1k in Wild Aftermath of SegWit2x Failure

In a major milestone for Bitcoin’s closest rival, Bitcoin Cash (BCH) surged to an all-time price high past $1k today as the 8MB chain’s become a safe haven in the aftermath of the SegWit2x call-off. Are the crypto tides breaking decisively in BCH’s favor?

Also read: ‘Digital Gold’ Author Says Bitcoin May Not Be a Bubble After All

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The war isn’t over, but the battle today goes to Bitcoin Cash, as the cryptocoin that resulted from the contentious August 1st hard-fork just burst past the $1k price point for the first time.

All the while the incumbent Bitcoin chain, BTC, has lost approximately $1k over the past two days.

The steepness of BCH’s rise today is perhaps what’s most impressive, though, as the cryptocoin that contains Bitcoin’s genesis block has now rocketed upwards of 50% in the last  24 hours.

Bitcoin Cash
BCH is dominating today’s crypto top 5

“It’s been a battle of investors versus traders that were stockpiling bitcoin to get their ‘bitcoin2x dividend,'” Bitcoin author Chris Burniske aptly noted to CNBC.

BCH Fans Hungry for the “Flippening”

When you have rose-colored glasses on everything looks as best as it possibly can, yet in this latest price surge BCH enthusiasts are sincerely hoping that the “flippening“—the taking over of BTC in hash power, market cap, price, what have you—really lies on the horizon.

Whether this monumental event will come to fruition long-term is anyone’s guess.

But what is unquestionable is that in the aftermath of the SegWit2x drama, there’s loads of more contentious debates to come in the greater Bitcoin community.

And that means there’s plenty of more time for the BCH community to rally around their coin and win more converts to their cause.

With BTC’s transaction fees continuing to climb higher to the chagrin of many, Bitcoin Cash’s envisioned low-fee future could bode well for the alt-Bitcoin.

What’s your take? Do you think the future is bright for BCH, or do you think this price surge is just a temporary result in the aftermath of the SegWit2x failure? Sound off in the comments below!

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