13 November 2017 00:00, UTC

As everybody hopefully knows by now, the controversial SegWit2x protocol update was cancelled by its team in order to prevent a disastrous split in the Bitcoin community. Turns out they tried to prevent the inevitable, as with no B2X, supposed cryptocurrency that almost certainly could have emerged due to SegWit2x, those who decided to back the more difficult Bitcoin blockchain moved to Bitcoin Cash instead.

Before the whole deal with SegWit2x and its further cancellation started, Bitcoin Cash was not the finest currency, although it has managed to drive out Litecoin from the 3rd place on Coinmarketcap. It was relatively small in price and the majority must have considered it to be a long-term investment tool like other altcoins. As it is necessary to remind, this currency appeared due to another Bitcoin update — SegWit.

As we have described earlier, its price has lately surged up, and the majority of cryptocurrency community figures agree this happened because of Chinese miners who initially wanted to support B2X. Bobby Lee from the large BTCC exchange, Zhao Dong, financial analyst from Beijing, share the same point of view on this, while Jack Liao, who is the leader of LightningASIC, suggests this is a classic pump-and-dump strategy.

In fact, Bitcoin Cash’s recent success is so huge that it even surpassed Ethereum yesterday in the list of most capitalized cryptocurrencies. Jiang Zhuoer from BTC.Top even claims that the original Bitcoin is going to die. But the president of Xapo believes this market miracle is going to end very painfully for BCH holders, as most businesses, including offline ATMs and payment methods, are still based on BTC - the original Bitcoin which has become 9 years old almost two weeks ago.

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