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Bitcoin spot price increases by 26%, correlation with Bitcoin surge?

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The price of Bitcoin Cash (BCH) has increased by 26% in the past 24 hours. at the mark of $ 700. The price trend of BCH over the past two days has been similar to that of bitcoin.

Main factors in the rise of money bitcoin

Earlier this week, Jihan Wu, the founder of Bitmain, the world's largest billion-dollar bitcoin mining equipment manufacturer, who also operates Antpool, the world's first mining bitcoin mining pool , issued a statement clarifying the image of Bitcoin Cash. .

In a statement that appeared to be an answer to that of Roger Ver and Bitcoin.com "Bitcoin Cash is Bitcoin" statement and article, Wu said:

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On October 19, CCN reported that Charlie Lee, the creator of Litecoin and former CEO of Coinbase, criticized Bitcoin.com and Roger Ver for attempting to sell Bitcoin Cash as Bitcoin.

Lee stated:

"Many newcomers will be misled by Bitcoin.com This article is so full of lies and FUD.The fact of not replacing fee payment does not guarantee the security of non-payment transactions. Confirmed transactions are irreversible even with SegWit SegWit signatures are not removed from transactions, it's just the structure of the transaction data that is different.It's also secure.More nearly every other lines in this article is FUD and misleading.It's really a hit on Bitcoin Core and SegWit.Honte. "

Many Bitcoin Cash supporters firmly believe that Bitcoin Cash followed the roadmap set by Bitcoin creator Satoshi Nakamoto. In an interview with prominent financial journalist Max Keizer, Roger Ver reaffirmed that he believes that Bitcoin Cash is structured according to Satoshi Nakamoto's original bitcoin whitepaper and should therefore be recognized as bitcoin.

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Wu, who was one of the main supporters of Bitcoin Cash, given the history of Bitcoin ABC, the protocol that Bitmain designed that was ultimately taken over by ViaBTC to create Bitcoin Cash pointed out that Bitcoin Cash should not be considered bitcoin because it is a currency that represents totally different philosophies, values ​​and structure of the bitcoin protocol.

It is likely that the transformation of Bitcoin Cash into an independent cryptocurrency outside Bitcoin will allow it to grow rapidly. In major markets such as South Korea, the demand for Bitcoin Cash has grown rapidly. In particular, Bithumb, the second largest cryptocurrency exchange in the world behind Bitfinex, trades Bitcoin Cash transactions of nearly $ 1 billion a day in the past month.

Is the success of Bitcoin Cash linked to Bitcoin?

It can also be said that the recent success of bitcoin and the rise in its value have contributed to the rapid rate of growth of bitcoin. In this phase of bitcoin development and market maturation, where large institutional and private investors enter the bitcoin market, any cryptocurrency directly related to bitcoin would benefit from the exposure of bitcoin in traditional media and in the world. Traditional financial industry.

Image from Shutterstock to photo

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