Bitcoin Cash has hit $ 960, close to its historic price from the hard fork to $ 1020, more than triple its last week price in a scenario where all other currencies had a significant drop in price despite having recovered already.
Based on recent movements, Bitcoin Cash positions itself as the third largest market for Crypton Coins, outperforming a ripple that is increasingly weaker in the face of currencies that are steadily gaining ground like NEO, IOTA, NEM, DASH and Zcash. Also had a considerable increase in recent days. In this way the traders have strengthened confidence in Bitcoin Cash and it seems that they are sending the message that they came to stay and the reason is very simple, this weekend will make the first adjustment in the difficulty of mining and this will encourage To miners who are right now in the Bitcoin Core network to switch to Bitcoin Cash because Bitcoin Core is getting bigger and therefore less profitable, nor do we talk about the next time a Halving or even a possible new HardFork in November of the current year because of segwit2x.
But why has Bitcoin Cash raised its price this weekend?
Most profitable mining
As mentioned almost two weeks ago our friend Jordi Carrera, in Blockchain Bitcoin Cash would end up being more profitable to invest in mining and is that the difficulty was a 20% lower from the hard fork and this weekend will go down a little more, coupled with the rise in price, it seems that we entered a paradox of the egg and the hen.
Did the price go up because the difficulty of the mining will be lowered and the Hashrate will increase or the Hashrate increase because the difficulty will go down and the price will rise? It seems a riddle, and it is, but in the question, we find a constant, the difficulty is going to go down and that is the main reason for the increase of hashrate that we will see this weekend.
New swap volume
While Bitcoin Core and Bitcoin Cash share their transaction history before August 1, Bitcoin Cash did not inherently inherit the exchanges that supported it, this maintained a very low trading volume compared to Bitcoin Core, ie not all The exchanges gave support at first and the reason is that they did not trust the currency very much, even some suggested that it could come at a price of 0, that they did not want to compromise their clients’ money – as if we did not do it ourselves – and that they were not going to give him support in his bag of possible transactions.
However, more and more exchanges see a real alternative since even though they have not yet spent 3 weeks of hardfork the Bitcoin Cash has shown signs of strength and is sending the message that it arrived to stay, even some risky comment that could be On a par with Bitcoin Core, both in mine power and in market capital, I see it very complicated but not impossible.
What do you think of Bitcoin Cash and this rise?
Do you think it was a stroke of luck and return to its initial price?
Do you think he could seriously compete with Bitcoin Core?
Leave us your doubts in the comments.
Entrepreneur, I love technology , science and lover of de world of cryptocurrencies