Our Crypto of the week goes to the same coin as last week – Bitcoin Cash!
Whilst most of the attention was on Bitcoin, we had our eye on the progress that Bitcoin Cash was making. Whilst Bitcoin Cash’s price was at just over $600 we stated the following,
…we would not be surprised if Bitcoin Cash attracted investors away from Bitcoin – thus pushing the price of Bitcoin Cash higher.
This is exactly what we have seen this week. Bitcoin Cash’s price has risen drastically, earlier today the price was over $2,400 per coin. We have seen the price drop since then and it is currently trading at $1,334 – Still a massive gain from when we posted last week (over 100%).
What to look out for
Bitcoin Cash has a hard fork planned for 13 November 2017 which will make mining more difficult. We await to see whether the hard fork will mean that miners lose their currently incentives for mining Bitcoin Cash and move back to Bitcoin. If so the price of Bitcoin Cash will most likely fall (for the short term at least). If the current miners remain on Bitcoin Cash post the fork, then this will be a huge statement and we will most likely see the price in Bitcoin Cash rise even further, whilst the price in Bitcoin will drop.
The battle between Bitcoin and Bitcoin Cash is just beginning. We expect a lot more in the near future! Have a great week guys!
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.