Bitcoin Cash is gaining momentum. Just a day after the split we can already talk about preliminary results.
The market capitalization of the hard fork of the original Bitcoin has already exceeded $8 bln. The price has changed several times after the split. Now, it makes up $499. Just as the new day started in the USA, Bitcoin Cash vigorously went up.
It is still a long way ahead for Bitcoin Cash to catch up with original Bitcoin that currently has market capitalization of $44 billion and the price of $2,704. There are assumptions that the popularity of Bitcoin can waver as people get attracted by fresh opportunities through the hard fork.
Meanwhile, total market capitalization of cryptocurrencies has again exceeded $100 billion.
Blockchain Global, who just re-opened its exchange, the Australian Cryptocurrency Exchange, informs about a huge demand for Bitcoin Cash as people put in off-market orders. People sell their original Bitcoin to cash in on what has been speculated as ‘the next big coin.’
Sebastian Quinn-Watson, a venture partner for the Australian exchange, admits the increased interest in the hard fork of the original Bitcoin.
“We literally just re-opened the Bitcoin exchange and are confirming the BCC trades over the course of the day,” he said.” We are receiving a lot of off market orders for Bitcoin cash – they’re exploding! People are selling their Bitcoin positions and buying Bitcoin cash as a proposition that it is the ‘new coin’ that has more value in the future. It’s a bit speculative.”
Taking into account that a much larger fork was also likely to occur, this fork to Bitcoin Cash is less harsh. Still, it wasn’t supported by a number of mining pools and exchanges including Coinbase. The exchange caused dissatisfaction among customers after it announced delays in the processing of outgoing BTC transactions by up to 12+ hours.
Kraken Exchange, OKCoin, ViaBTC and Huobi are among the exchanges that announced their support for Bitcoin Cash.
Bitcoin network was officially split yesterday morning after months of debates heating up crypto community. The first block of Bitcoin Cash sized 1915175 Bytes or 1.9 MB and containing 6,985 transactions was mined by the Chinese mining pool ViaBTC. As a reminder, traditional Bitcoin block size is 1 MB, holding about 3,000 transactions.
Since Bitcoin Cash has the whole transaction history of Bitcoin attached to it, people who owned Bitcoin and private wallet keys before the fork have duplicate balances existing on each Blockchain and get an equal amount of Bitcoin and Bitcoin Cash.