Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in Three Days

Bitcoin Price Analysis 10 Nov 2017 7

Bitcoin added to losses sustained in the previous session falling to its lowest since Nov.1 as traders continued to abandon their bullish bets after it avoided a split in its underlying software. It later recovered a touch to trade around $6,880 by 1645 GMT, but that was still down nearly 4 percent on the day.

At the moment, Bitcoin Cash is more profitable to mine.

The news initially sent bitcoin to an all-time high of almost $7,900 a coin. It surged out of its post-birth doldrums to climb to around $800 and surpass Ethereum as the crypto with the second largest market cap. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin's main backers.

The steepness of BCH's rise today is perhaps what's most impressive, though, as the cryptocoin that contains Bitcoin's genesis block has now rocketed upwards of 50% in the last 24 hours. It hit a record high of $7,828 on Wednesday.

An alternative bitcoin upgrade proposal, SegWit2x, which initially had more developers behind it, was called off Wednesday due to waning support. But at 2:40 p.m. ET on Friday, it was trading down 7.2%, at $6,812. SegWit2x was supposed to improve bitcoin operations by increasing the network's block size to 2MB, up from 1MB today, as well as continuing the newly installed process of removing (segregating) some of the more cumbersome elements of recording (witnessing) the transactions. Backers thought the plan would help the digital currency scale faster.

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While Bitcoin has corrected by almost 30% from its all-time high, Bitcoin Cash, on the other hand, is gaining significant momentum and recently touched its all-time high of $2477 by crossing $41 billion in valuations and toppling down Ethereum to be the second most valued cryptocurrency after Bitcoin.

"When you look at the trends, it does look like many Segwit2X supporters have switched to bitcoin cash", Abhishek Pitto, CEO of Nucleus Vision, told Business Insider. That is a big "if" given Bitcoin Cash's current market cap is still just 25% of that of Bitcoin's $95 billion market cap.

Bitcoin Cash rose suddenly, adding almost 80% to its price and is up 188% in the past 7 days. Ideally, the trade has been to be long Bitcoin Cash and short Bitcoin as a "pair's trade".

"There were lots of bitcoin cash whales who were in early on bitcoin who were waiting to see what would happen with 2x".

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