Bitcoin Cash just made owners ridiculous profits
Bitcoin Cash has gone from a price of £313 to a high of £2,400 in one month. Bitcoin Cash was created in August after a fork in the Bitcoin blockchain. The fork was due to Bitcoin’s plans to address scaling issues and adopt the SegWit2x platform.
On 12 October 2017, Bitcoin Cash was selling for £313 a token, according to figures from CoinMarketCap. On 12 November 2017, Bitcoin Cash reached a high of £2,400. This followed a 24-hour price increase of 149%.
For those who owned Bitcoin Cash a month ago and sold today, they would have made a 666% profit on their investment. Bitcoin Cash’s market cap reached a high of £40 billion following the price rise – cementing its place as the second-biggest cryptocurrency, behind Bitcoin. The gains were quickly lost, however, as the price of Bitcoin Cash dropped to the £1,700 mark soon after the peak – with the cryptocurrency’s market cap falling to £30 billion.
CoinDesk reported that Bitcoin miners and entrepreneurs lamented the move, and said it would “inspire others to migrate to blockchains more accommodating to their ideas and ideals”. It appears that cryptocurrency investors have had similar thoughts, and are moving to the more “progressive” Bitcoin Cash. The price of Bitcoin has suffered as a result.
In the past week, Bitcoin has gone from a high of £7,700, to a low of £5,600 this morning. Speaking to CoinDesk, Bitcoin Cash developer Juan Garavaglia said the price movements are due to “better planning”. “Bitcoin Core is unable to execute, has a poor roadmap [and is] disconnected with market needs,” said Garavaglia.
“We can execute, we have smooth coordination with key market actors and we address market needs.”