Bitcoin Price Stays at All-Time Highs, Bitcoin Cash Posts Lacklustre Recovery
Bitcoin Cash has recovered only 13% following 60%+ falls last week, while Bitcoin surges to all-time highs.
Bitcoin Cash (BCC/BCH) has failed to live up to expectations as Bitcoin (BTC) surges to all-time highs.
Cross-exchange data from Coinmarketcap shows BCH achieving only a modest correction to its huge price decline last week, while BTC currently trades at an average $3,240.
Despite a 13.5 percent rebound, BCH is still below $250 as of press time, having reached highs of over $720 the week previously.
Increased trading opportunities fueled a downward spiral which has since seen the new Bitcoin fork drop by two-thirds.
BTC meanwhile has not only managed to weather concerns of increased volatility from the fork itself but has capitalized on increased consumer demand as investors trade in their BCH holdings.
A major uptick began Friday as the exchange Bittrex opened its doors to BCH trading, albeit subject to increased restrictions including a mandatory 20 confirmations per deposit.
Theories as to those in the Bitcoin community supporting BCH include references to Bitcoin Unlimited supporters Jihan Wu and Roger Ver, whose scaling solution has since broadly fallen by the wayside to make way for BCH.
“Just rename unknown to ‘Jihan,’” Blockstream CSO Samson Mow, a firm supporter of the BTC chain, tweeted referencing statistics from commentator Willy Woo.
Just rename unknown to "Jihan." https://t.co/oSGhAAN0UQ— Samson Mow (@Excellion) August 7, 2017