The Attention of the Market is Focused on Bitcoin Cash
November 20, 2017
Are you one of those people who is interested in market’s preferences? If so, it’s high time you learned more about Bitcoin Cash.
To tell the truth, when Bitcoin Cash appeared, it first lost the completion in price to bitcoin. However, a week ago, the cost of the currency, all of a sudden, rose up to $2,300. Moreover, despite its current rate of almost $1200, now cryptocurrency ranks second to only the original bitcoin and ethereum at market value. As a matter of fact, Bitcoin Cash's rise made trading platforms indifferent of currency (such as eToro) use it in auctions. Consequently, the crypto community began to pay greater attention to BCH.
In fact, Roger Ver, known as one of the earliest investors in bitcoin, became the main supporter of Bitcoin Cash. He insists that BCH is a real bitcoin, and in the future it will have a great market capitalization, trade ammount and user base.
It is worth noting that the market capitalization of Bitcoin Cash now is about one fifth less than that of bitcoin, and the daily volume is three times less.
What’s more, Michael Vogel, the head of Netcoins (the company producing bitcoin omates) thinks that cryptocurrencies are the world's most promising open-source project. In his opinion, disputes between users of two versions of bitcoins are "a temporary phenomenon that will result in the creation of more efficient and safer technology."
"I do not think that the disagreement between the supporters of two bitcoins is something bad. We are, in fact, facing democracy in action. It's just a disease of a new technology growth. When it comes to an end, bitcoin will strengthen its position. That is why, to my mind, bitcoin continued to set new records after the August fork," Vogel said.
One can’t help mentioning, the director of BitLox, the company developing the self-titled bitcoin-purse for smartphones, Dana Kou believes that sharp jumps in bitcoin and its hard-fork prices are caused by rumors and speculations that "are capable of controlling any market". However, she points out that in this situation, actions of market makers are quite evident.
"The cryptosphere has had a long way, but you shouldn’t forget that it is not so great in comparison with traditional economy. Therefore, when national organizations take interest in crypto-currencies, this makes a much more significant impact on them. In the end, it’s up to users whether bitcoin will fall or rise," says Kou.
In August, immediately after the hard-fork, such exchanges as Bittrex, Kraken, ViaBitcoin and Bter began supporting Bitcoin Cash, but at that time, their number was not too high. At present after the price jump in early November, the currency has been accepted by some more trading platforms. There is no doubt, news from the BCH community will not be long in coming.