Market Watchers Expected That Money hot bitcoin flows to altcoins after the Segwit2x hardfork has been canceled. Instead, the entire altcoin market seems to have collapsed with Bitcoin, while Bitcoin Cash surges 55% to $ 992
Bitcoin is lowering the crypto market
Bitigent's Segwit2X hard fork in November would result in higher prices for altcoins, they were sadly mistaken. The Bitcoin price crash (down $ 1,300 over the last two days) was accompanied by almost altcoins crashing. Of the 40 largest cryptocurrencies by market capitalization, only Bitcoin Cash, Ethereum Classic and Dash posted gains in the last 24 hours. People who were short Bitcoin and long altcoins were half-right
Big blockers against small blockers
The fracture in Bitcoin was apparent long before the Bitcoin Cash fork was created and before that Segwit2X is not considered. The community is divided on the issue of block size – between those who believe that small blocks are essential to maintain decentralization and those who believe that larger blocks are needed for Bitcoin to scale them up.
the Bitcoin and Bitcoin Cash camps, with those of the Bitcoin camp who put their hopes in the implementation of Segwit2X and the size of the blocks that goes to 2MB. With the collapse of Segwit2X, the Bitcoin Cash camp seems to have been strengthened, raising its price
Vinny Lingham tweeted to indicate that the move could occur:
Too early for say, but @ adam3us & @eric_lombrozo have recommended that those who do not support scaling Layer 2 should switch to Bitcoin Cash. I guess this is happening now …
From zero to $ 16 billion in three months
Bitcoin Cash was created on August 1 and its market capitalization reached 16 billions of dollars in three months. Bitcoin Cash is now more valuable than Twitter, which currently has a market capitalization of $ 15 billion. After a first crash, Bitcoin Cash is strongly straightened and seems to bring together those who want Bitcoin to move through big blocks. It is closing rapidly on Ethereum, whose market capitalization is $ 28 billion. Ethereum's lenders were expecting to overtake Bitcoin in the market capitalization (the "flippening"), but they now have to worry about Bitcoin Cash exceeding Ethereum.