Cryptocurrency has been a topic of hot discussion over the past several months preceding the release of Bitcoin Cash. Now, it looks like all of that speculation and hot stove discussion is finally starting to pay off. Bitcoin, the most prominent and popular of all cryptocurrencies, hit a stunning record high value of over $3,000 per individual coin. After numerous heady declarations that Bitcoin would fail or reach new heights, it was nice to see an actual estimation come true and come through.
With Bitcoin and other cryptocurrency the valuation of your cryptocurrency can change depending on the exchange that you work through. On August 4th, 2017 we saw Coinbase and Kraken, two popular exchange destinations, reach valuations of over $3,000 per coin for Bitcoin owners. Bitcoin owners were obviously ecstatic with the rise of the popular cryptocurrencies value but there was more going on here than simple surging. With the surge in value we saw the Bitcoin market cap actually exceed a stunning number: $50 billion.
Though Bitcoin is surging in value right now it was never going to be a sure thing. There were huge concerns going on in the crypto marketplace surrounding the Bitcoin Cash (BCH) and how it would change the way that Bitcoin operates. Bitcoin Cash is a complicated forked currency that found support from some exchanges and not others. Ultimately Coinbase, one of the most prominent exchanges as detailed above, turned away from BCH. Customers moved away from Coinbase and this caused Coinbase to revert back to supporting the volatile new forked currency.
If watching Bitcoin has you anxious then paying attention to Bitcoin Cash will likely leave you sweating. BCH came to the market on August 1st with a value of $555 per coin. Within two days the value of BCH would be sitting at $727 before crashing down to $220 the next day. While BCH was fluctuating we were seeing a more consistent rise with traditional Bitcoin as its ascent mirrors the BCH’s descent. It’s hard to really put into words what BCH is going to offer crypto users in the future that Bitcoin doesn’t already do better. BCH can’t be used and its unstable price is going to scare off steadier marketers. BCH is a hard sale right now to committed blockchain miners and that is why Bitcoin will likely stay atop the food chain — at least for the near future.