What Happened to the Bitcoin Price after the ‘Fork’?

It’s less than 10 hours now since the first Bitcoin Cash (BCH) block was mined, signalling the official confirmation of the fork.

So, what has the reaction been like among traders?

Bitcoin (BTC) itself is holding steady. Currently it’s trading at US$2,724.

The upstart, bitcoin cash (BCH), is off to a flyer, up 25.66%, at US$369. This makes it the fourth most valuable cryptocurrency by total value.

US$52 million has been traded on the exchanges so far. Compared to the US$1.4 billion on bitcoin proper (BTC), it is a drop in the ocean.

How other cryptos reacted

Litecoin (LTC) has not reacted at all, and is still at US$42.85, the same price level as it was 24 hours ago.

Ether (ETH) is up 7.56%, at US$225 — possibly a reaction to the renewed uncertainty in bitcoin.

Among the lesser-known names, Nxt (NXT) is up a massive 32% and Stellar (XLM) has jumped 11.5%. Overall, most coins are up both in fiat terms and against bitcoin (BTC).

Is Bitcoin Cash here to stay?

Despite passions on both sides, no one knows for sure. But Dash (DASH) creator Ryan Taylor thinks it may yet be short-lived.

Bitcoin Cash has not solved scaling,’ Taylor said. ‘It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users.

Time, and the market, will ultimately decide.

Ryan Dinse,
Crypto Analyst, Money Morning

Why Ethereum Could Be the One Coin to Rule Them All..find out here 


Ryan Dinse is an Editor at Money Morning.

He has worked in finance and investing for the past two decades as a financial planner, senior credit analyst, equity trader and fintech entrepreneur.

With an academic background in economics, he believes that the key to making good investments is investing appropriately at each stage of the economic cycle.

Different market conditions provide different opportunities. Ryan combines fundamental, technical and economic analysis with the goal of making sure you are in the right investments at the right time.

Ryan's premium publications include:


Leave a Reply

Your email address will not be published. Required fields are marked *

Money Morning Australia