Trading Blows: Bitcoin Tops $7.5k, Bitcoin Cash Tests $1k
In a major reversal from Bitcoin Cash’s all-time price high performance last Sunday, November 12th, it’s the 8MB chain whose price is now tumbling in the face of a resurgent Bitcoin. Was BCH’s recent rally acute only?
That’s because Bitcoin is currently flirting with new all-time price highs beyond $7,700, while Bitcoin Cash has simultaneously slid down almost 20 percent from its recent highs and is flirting with resistance at $1,000.
As Bitcoin continues to test $7,750 and beyond, November 2017 could be prove to be another titanic 30-day stretch for the current #1 cryptoasset as it potentially repeatedly discovers new all-time price highs like it did last month in October.
Meanwhile, as mining difficulty has switched back in BTC’s favor after BCH temporarily became more profitable than its senior, entrenched rival, Bitcoin Cash’s current slump may continue until new advantages once more present themselves.
In the wake of the SegWit2x cancellation drama, BTC sell-offs caused the coin to acutely drop down and test the $5,750 price range.
Yet bitcoin’s propensity for rapid rebounds has once again proven itself very real, as the coin eyes $8,000 for the second time so far in November.
Investors Noting Adam Back’s Block-Size Increase Comments?
Shocking many, Bitcoin Core dev Adam Back declared on Monday that in the “mid-term with enough testing” a block size increase could be implemented on the incumbent BTC chain.
The comment is shocking, of course, because it strikes at the core of what the entire community’s scaling debates have been about: Core’s recent opposition to increasing block sizes.
probably mid-term with enough testing yes. but in the mean time it would be nice if people would stop spamming. thanks.
— Adam Back (@adam3us) November 13, 2017
As far as compromises go, Back’s suggestion is a sensible one — it would provide on-chain scaling for BTC to help with congestion in the short-term while allowing Core devs more time to continue perfecting BTC’s second-layer, off-chain scaling solutions.
Many will wonder why this concession couldn’t have come sooner. But this “moderate” approach has surely assuaged at least some of the community’s concerns about network congestion in the short-term.
That dynamic, at least in part, could be playing into BTC investors’ confidence amidst the current price run.
Images via Bitsonline, Coinmarketcap, Wired