New Delhi, November 11, 2017- In a short span of 10 days, Bitcoin cash surged two times and jumps up to 48%. Generated on August 1 after split from Bitcoin, the Bitcoin cash managed an upward projection since last week after announcement of mining algorithm from developer’s part. The coin is moving towards its launch price that was $1000 that came up to $300 and now trending at $580 (50,000 INR).
As per market experts, the possible reason behind this skyrocketing figure could be cancellation of upcoming fork of Bitcoin, Segwit2X. The hard fork was called off due to lack of necessary consensus yesterday and very next day market witnessed the trust of investors on Bitcoin cash that jumped at this high!
Although Bitcoin also hit a new record height after announcement of cancellation of hard fork that was scheduled on November 13. The price crossed $7800 (500,000 INR). But in next 24 hours the dip was almost $800.
It was interesting to see rise of Bitcoin cash and dip of Bitcoin. Crypto lovers bet high for Bitcoin cash and it made possible to scale up quick upward graph. The situation was like loss of Bitcoin was gain of Bitcoin cash. But this could be part of price correction and market can notice more downfall in coming days.
Trending in top 10 cryptocurrencies, Bitcoin cash has become new baby on the hot seat and ruling the market. Experts say that more fluctuations can be noticed in coming week too.