Bitcoin Cash (BCC) has started gaining traction and while the cryptocurrency is yet to come into existence as a result of the Bitcoin split, there are indications that there will be a massive jump from Bitcoin and Ethereum to the new cyrptocurrency.
After a week-long surge Bitcoin price has stagnated around $2,750. There was a huge surge from $1,900 to $2,900 after the locking-in of segregated witnesses (segwit). The price surge has taken a back seat and so has the surge in trading volumes. Volumes have considerably reduced to under $1 billion as the currency appears to be somewhat uncertain regarding its price direction.
Ethereum on the other hand has also moved beyond the bullish run and has been hanging around $230 for a week now. The trading volumes of Ethereum have also fallen to half a billion, down from an all-time high of $3.2 billion just last week.
Analysts believe that the cryptocurrency world is looking at a consolidation again after the latest bull and bear rollercoaster runs. Further market uncertainty surrounding the bitcoin split is affecting the market also.
Bitcoin’s split will lead to formation of two coins – Bitcoin Cash (BCC), which follows Nakamoto’s vision of on-chain scaling, and the segwited Bitcoin Core chain, which is to retain the bitcoin brand and BTC ticker for now. BCC started trading in ViaBTC futures where the currency is currently trading at around 3,360 CNY, which is around $500. The trading volumes of BCC are decent enough as well and expected to jump substantially when the split actually happens.
Both these cyrptocurrencies are expected to go up and down dependent on the price value of the other, but the combined price should be higher as is the case with ETH and ETC. Ethereum could also be affected by the split, either positively or negatively, dependent on how the events unfold over the course of next month.