At the moment Bitcoin is the one that seems to be making gains from the August 1 network split. Whilst BitcoinCash keeps dipping, the original Satoshi Nakamoto mastermind’s price has now scaled pass $3100 to record an all time high price.
It only took 12 minutes for the price to jump from $2920 to $3160 early on Saturday morning. Bitcoin’s new found strength after the much-dreaded UAHF date is quite impressive.
In the grand scheme of things, everything points to the fact that community members on the Bitcoin side are dumping their BCC since the exchanges allowed selling of BCC from yesterday. Moreso, many are selling in a panic that if by midnight of 15 August, the BIP 148 split chain cannot last, it would be considered a failure.
According to ViaBTC, in such a scenario, all BCC/ETH, BCC/CNY and BCC/BTC pairs will all be cancelled and all BCC assets will be erased from accounts. Looking at the current trend, people might be dumping their free BCC in fear that August 15 is going to be a doomsday for BCC.
Most of the people Core Media spoke to indicated they have dumped their BCC at the Exchanges. In fact, some of them are also not doing it for the fear of BCC failure but just to spite the backers of Bitcoin’s younger brother.
Bitcoin Vs. Bitcoin Cash
On Wednesday, August 2, Bitcoin Cash price rose to $727.54 with a Market Cap of almost $12 Billion. The 24-hour trading volume was way over $356 Million.
As at press time it was selling for $233.85 nose diving 38.04 percentage point. Currently, its market cap is down to almost $4 million.
Basically, since Wednesday, the new kid on the Crypto block has lost more than 60 percent of its value. It is gloomy times for the BCC community and only August 15 can tell if they have come to stay.
However, the pacesetter of cryptocurrencies, Bitcoin has been adding value during the same period. At press time it has jumped up 11.54 taking its market cap to over $51 Billion.
On the day of the split, the exchanges listed it at $2855 with a market value of $47 Billion. The last 5 days have been a good one for Bitcoin on the market as it has enjoyed balance & tremendous growth.