Bitcoin price is tumbling with around $1,000 after the upgrade that was scheduled to take place on the 16th of November was called off. Now, investors seem to invigorate interest towards Bitcoin Cash (BCH).
After Bitcoin reached an all-time high of $7,800 in the past few days, after SegWit2x was cancelled, the current price is $6,594 (CoinDesk.com).
Users from all cryptocurrency exchanges were excited because once the fork took place, they would have been granted a free “piece” of the new currency. For example, if an investor holds 8 Bitcoins, then he would automatically get 8 of the new cryptocurrency. That anticipation could have been the reason for the high price of Bitcoin recently.
What happened next was that investors turned to Bitcoin Cash (BCH) and the price immediately rose. The community announced a hard for for BCH itself. The current price of Bitcoin Cash hit an all-time high, nearing $1,000 (CoinMarketCap).
According to Express.co.uk, the supporters of the token shared the following:
“We are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time.”
While most investors argue that the unity of a coin is a very important factor in the potential price increase, the called-off upgrade is not received well among people.