Bitcoin has dropped below $6,500 from a high of $7,900 in just 2 days, undeniably due to the canceled SegWit2x hard fork. In correlation with Bitcoin falling, Ethereum dropped 9% and is trading at sub $300. The altcoin market is also in the red.
On the other side of things, Bitcoin Cash has soared up by 50% within the past 24 hours, reaching an all-time high of $1,000. This sudden increase has gotten people thinking if Bitcoin Cash will replace Bitcoin as the new Bitcoin.
However, Jihan Wu (co-founder of Bitmain and one of the influencers behind Bitcoin Cash) put that speculation to rest.
Bitcoin is Bitcoin. Bitcoin Cash is Bitcoin Cash.— Jihan Wu (@JihanWu) November 2, 2017
It is also interesting to note that 50% of the overall trading volume for Bitcoin Cash at the time of this article is coming from a South Korean exchange named Bithumb, which is thought to be the reason behind this massive price increase.
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