Market observers expected flow of “hot money” from Bitcoin to altcoins after the removal of hardfork Segwit2x. Instead, it seems that the whole market of altcoins crushed down along with the original Bitcoin, while Bitcoin Cash rise up ― at the time of release, the price is $1650.
BITCOIN PULLED DOWN THE CRYPTO MARKET
Backers of altcoins were sadly mistaken, thinking that the cancellation of the November Segwit2x hard fork would lead to a rise of the altcoin price. The Bitcoin price fall (down $2.300 in the last three days) accompanied by lower prices for most altcoins. Out of the top 40 cryptocurrencies by market capitalization, only Bitcoin Cash, Ethereum Classic and Dash have pointed rising price in the last 24 hours.
BIG BLOCKERS VS SMALL BLOCKERS
Divide of the Bitcoin was obvious long time before the fork Bitcoin Cash appeared and concept Segwit2x created. The community was divided over the issue of the blocksize between two groups- those who believe that small blocks are necessary for decentralization and those who believe that big blocks are necessary for scaling Bitcoin.
The second group was splited between camps of Bitcoin and Bitcoin Cash. First camp had high hopes for implementation of Segwit2x and increasing the block size to 2MB. With the collapse of the Segwit2x , Bitcoin Cash side has strengtened its posotions. Also the price increased.
FROM ZERO TO $16 BILLION IN THREE MONTHS
Bitcoin Cash was created on 1 August. Its market capitalisation has grown to $16 billion in three monts. Now Bitcoin Cash worths more than Twitter ― market capitalization is over $15 billion. After the initial pricedown, the Bitcoin Cash quickly recovered positions It’s obvious the consolidation of those, who want to scale bitcoin through big blocks. Supporters of Ethereum, which market capitalization is $28 bln, expected the new cryptocurrency surpassing Bitcoin , but now they should care about, whether Bitcoin Cash overtaking Ethereum.