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.
Crypto Analyst, Money Morning
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