It was “just one of those weekends” in the world of cryptocurrency.
It was just one of those weekends in the world of cryptocurrency. You know what I’m talking about. Bitcoin and Bitcoin Cash have been sparring in an epic battle; crypto investors are waking up this Monday morning, scratching their heads, and thinking: did that really just happen?
The answer is yes, that did just happen. Let’s review: the cancelled fork of last week that caused the end of the rally that was driving Bitcoin to unprecedented heights last week led to widespread confusion and an exodus from Bitcoin into Bitcoin Cash. Bitcoin fell as Bitcoin Cash soared; Bitcoin stabilized as Bitcoin Cash took a nosedive. Now, it’s a bit unclear which coin is the ‘real’ Bitcoin.
The price of Bitcoin reached a new all-time high last week, breaking through US$7000 in anticipation of the controversial SegWit2x fork, which was eventually called off. The rally was all par for the course. Because BTC holders receive an additional amount of the new coin created during the fork equivalent to the amount of their BTC, many users will buy up more BTC before a fork takes place, driving the price of BTC up.