Some users claim that what’s currently happening to the number one cryptocurrency is an attack. As covered by CCN, Bitcoin Cash has been surging in value, so much so it is up to $1,257.57 per token, up from little over $620 last week. BCH’s surge seems to be inorganic, as a large part of the market is currently concentrated in South Korea. According to CoinMarketCap Bitcoin Cash’s trading value on South Korean exchange Bithumb surpassed $2 billion, 36% of the total volume. If we add other South Korean exchanges, Coinone and Korbit, the volume nears 50%.
It seems plausible Bitcoin Cash’s ecosystem has been attracting bitcoiners frustrated with the cryptocurrency’s current situation, as according to Blockchair Bitcoin’s fees recently climbed to a new all-time high, while Bitcoin Cash’s fees are still low.
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Seems as though people are dumping bitcoin at the top rate to buy into bitcoin cash , only time will tell how all the cryptos will be effected 😊
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