Bitcoin Cash Price Drives up by Over 30{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}


The price of bitcoin dropped below the famed $7,000 mark this Friday after the cancellation of the recent SegWit2x fork. While this occurred, the price of bitcoin cash shot up by over 30{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} with those in favor claiming that this new currency is the future of bitcoin. Despite the surge in price for bitcoin cash, the market capitalization for the all cryptocurrency dropped from $206.3 billion to around $199.2 billion.

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The price of bitcoin itself dropped over 5{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} during the course of Friday to as low as $6,795. Although the currency dropped, it still represents over 57{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} of the total cryptocurrency market capitalization. The theory behind the pullback for the currency continues to be that the value of the hard fork creations are essentially creating free money that makes no sense for the market. The suspension of the most recent fork is indicative of a large amount of uncertainty in the market.

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Although the suspension did bring a large amount of relief to some investors in the market, it also shows that the bigger problem is not as easy to be solved as they had previously thought. The main reason for the repeated forks in the industry is to help solve the scaling issues. Since bitcoin is limited to around 11 transactions per second, creating new forks in the underlying blockchain would help to relieve that issue.

Many have been trying to solve this problem, but it is very clearly easier said than done. Another issue is the rising amount of fees that are associated with any transactions in the space. As forks in the market continue to present themselves and be an issue, the market will continue to see a high level off uncertainty. Hopefully the uncertainty can settle down and the market can begin thriving again.


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