Bitcoin Cash ( BCC/BCH ) the alternative cryptocurrency that forked in August has just surpassed Ethereum’s market cap of $29 billion reaching an all time high of over $41 bn. as of 12/11/2017.
After Friday’s record hit of $800 BCC’s price just tripled reaching a staggering $2477.65 according to the latest numbers from CoinMarketCap.
Bitcoin Cash position has now solidified by passing ethereum and moving into the second place in the market.This move is followed by the decision of the suspension of yet another fork Segwit2x or simply ‘2x’ by some,a change that would have brought an increased bitcoin block size.
While some applauded the move such as bitcoin developers and technologists,a number of traders and investors found themselves with lost funds after the news.If at that time the situation look unclear and we didn’t know how it will eventually unfold it is now clear that the winner of the latest circumstances is Bitcoin Cash.
Suspicions as always
As we’re all already used to the “pump and dump” tactics ,one can’t help to wonder if this is the case.
Jack Lia seems to think so,CEO of Hong Kong-based mining firm LightningASIC and one of the leaders behind Bitcoin Gold by naming the upward trend of BCC “total bullshit”.He is also a critic of Bitmain one of the largest suppliers of mining equipment in the industry and operator of mining pools.
“Many, many investors just see the change in hash rate,” he said. “But they cannot support such a big bitcoin cash price.
In conclusion this weekend’s movements could be nothing but a speculative move,however one that made market investors and coin holders happy.