August 3rd 2017
Today it has been 2 days since the bitcoin hardfork occured and Bitcoincash split off from the bitcoin blockchain. What has happened in the past 48 hours and what is to be expected?
48 hours after the fork
(source)
41 blocks of bitcoin cash have been mined (the first being mined by viaBTC) and the price has pumped and dumped quite a bit already. Yesterday in the early afternoon prices rocketed to an astounding 0.482 BTC per coin. This resulted in bitcoincash coming in 3rd on the list of cryptocurrency market capitalizations. Soon after it's high we witnessed a huge sell-off that continued it's trend downwards today. A big factor of the price drop was the fact that Bittrex started accepting deposits for BCC and people started cashing in their freshly aquired coins.
Another thing to notice is the fact that we once again hit the 100 billion mark of the total cryptocurrency market. We already hit this milestone in early June but after the crash in July we saw money leaving the market again. It's great to see that we've recovered July's crash.
What's next for Bitcoincash?
So after a succesful fork the main question I keep hearing is: 'Whats next?'. I think that the next few weeks to a month will be essential for bitcoincash to prove itself. It can either establish itself to a proper altcoin or slowly fade away due to a lack of hash power.
I've also heard some people speculate that bitcoincash might overtake bitcoin. However personally I don't think that will ever happen. I think bitcoincash will always be in the shadows of the original bitcoin because people tend to stick/go to the more established/stable version of anything really. So I don't expect anything big from bitcoincash but in crypto you never know.
Let me know what your opinion is on this matter. Will it die off quickly or will it survive?