Following the cancellation of the Bitcoin hard fork AKA SegWit2X, the market value of Bitcoin closed lower for several days and in response, traders reacted quickly and decisively in two ways.
First, bitcoin dropped below $6,000 in value for the first time in several weeks mostly based on confusion and division in the developer community on whether the hard fork should have gone ahead.
Second, the kid brother of bitcoin – Bitcoin Cash – jumped from $310 on October 16 to pass $1,953 in trading on November 12.
If you were smart or lucky enough to jump on board the Bitcoin Cash banana boat when it forked in August, you’d be the one with a big smile right at the moment.
There’s no question about the reason for both outcomes of the cancellation of SegWit2X. This is a market running on pure emotion, confusion and a sense that stormy weather is ahead for the original bitcoin.
There’s a lesson here for cryptocurrency and blockchain developers that investors learned a long time ago. Uncertainty and confusion are not your friends.
You can get added perspective on the run up of Bitcoin Cash in the following articles.
Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion
After hitting a record high above $800 on Friday, the price of bitcoin cash, the alternative cryptocurrency forked from the bitcoin blockchain in August, has doubled within 24 hours, hitting a high of $1,856 according to figures from data provider CoinMarketCap. Via coindesk.com
Bitcoin Cash Continues Climbing Over $2K, Retreats
The death of SegWit2X was seen as a huge boon for the Bitcoin Core team, and social media channels were full of Core supporters congratulating each other. However, as the dust from the fork cancellation settled, it became quite clear that the price of Bitcoin had begun to decline. As the price declined, the price of Bitcoin Cash rose in correlation. Via cointelegraph.com
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