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The price of bitcoin continued to fall on Friday following the indefinite suspension of SegWit2x, thus reducing the value of the cryptocurrency brand to $ 7,000. The bitcoin spot price, meanwhile, jumped more than 30% in the days before its fork, with supporters claiming it would claim rights to the "Bitcoin" brand within six months.
Despite soaring Bitcoin liquidity, the total market capitalization of cryptocurrency has fallen sharply by more than $ 7 billion, from $ 206.3 billion Thursday to $ 199.2 billion currently.
Bitcoin plunges under the $ 7,000
The price of bitcoin declined significantly for the second consecutive day, down more than 5% to $ 6,795. That leaves bitcoin with a total valuation of $ 113.3 billion and a 57% share of the total market capitalization of crypto.
The main theory of shrinkage remains that traders had taken into account the value of "free" coins that would have been dropped when the SegWit2x rigid fork was activated – an event that was canceled at the last minute by its leading lawyers. .
Moreover, while the suspension of the hard fork has brought relief to many corners of the community, the fact is that the cancellation of SegWit2x does not solve the cryptocurrency problems: bitcoin must still evolve. Until these solutions are implemented – either chain or off-line – rising transaction costs will continue to be a problem for the growing network.
The price of Ethereum drops back to $ 300
Bitcoin's retreat initially seemed like an excellent opportunity for the Ethereum to start regaining some of the huge land that it had lost to the crypto-currency lighthouse in the last few months. Yesterday, the price of the Ethereum climbed to $ 325, the culmination of a two-digit seven-day rally. However, the price of the Ethereum was reversed on Friday and began to drop back to $ 300 – a brand that has exerted an intense magnetic attraction on Ethereum in recent weeks. At present, the price of Ethereum is $ 306, which translates into a market capitalization of $ 29.3 billion.
Bitcoin Cash Price launches $ 825 more
With bitcoin and Ethereum both blocked, the bitcoin cash initiated an amazing rally. Over the last day, the bitcoin spot price has risen by almost 32%, from $ 629 to $ 826. The market capitalization of bitcoin so reached $ 13.9 billion, and the bitcoin spot price is now $ 100 lower than the highest of all time it reached in mid-August.
The rally pulse appears to have come from the failure of SegWit2x activation on the main bitcoin network. Rightly or wrongly, bitcoin money advocates believe that bitcoin's objection to scaling up will happen to be its downfall, and they believe that their crypto -currency will fill the void. Indeed, the Bitcoin Classic developer, Tom Zander, announced yesterday that he was closing the software project – which had moved to Bitcoin Cash following the August hard fork – stating that the failure of SegWit2x was the nail in the coffin for Bitcoin and that Classic was no longer needed. . "In at most 6 months, I'm sure we'll just drop the" Cash "and call it" Bitcoin, "he writes.
Altcoin Rally Gatherings
The soaring liquidity of Bitcoin caused the widespread dropping of this week's announcement, and few other first-rate coins were able to gain ground against the value of the dollar.
The price of the ripple fell by 4%, reducing its market capitalization to just over $ 8 billion. Litecoin fell by 3% but still managed to maintain more than $ 60. The price of the dash has limited its slide to 1% and is currently trading at nearly $ 326. NEO and monero each dropped by more than 8%. NEM and Ethereum classic, however, joined Bitcoin Cash in its rally, with gains of 3% each.
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