Why I’m Not Buying into the Bitcoin Cash Hype
goldstockbull.com / Jason Hamlin / November 12th, 2017
Bitcoin Cash (BCH) was a fork of Bitcoin blockchain ledger that launched on August 1st and increased the block size to 8MB. The stated goal of this fork is to lower fees and speed up transaction times. At the time of the fork, those holding Bitcoin received an equal number of Bitcoin Cash coins.
Bitcoin Cash is in the headlines after the price spiked roughly 6x in a matter of just 4 days. FOMO (fear of missing out) started to kick in and people bid up the price from $400 at the start of November to a high of $2,450 on November 12th. Bitcoin Cash overtook Ethereum in terms of market capitalization and many people started to believe it would overtake Bitcoin at the #1 spot. It has since dropped by to #3, but not far from the valuation of Ethereum or 8x the valuation of Litecoin.
The price of Bitcoin Cash (BCH) has dropped sharply from the high around $2,450 to $1,200, before rebounding to $1,450 over the past few hours. Lower highs and lower lows on the chart is usually bearish for any pricing pattern. A breakout back above $1,500 in the near term would change this and another drop below $1,250 would likely lead to the price crashing back below $1,000.
The post Why I’m Not Buying into the Bitcoin Cash Hype appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/11/12/why-im-not-buying-into-the-bitcoin-cash-hype/
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