Bitcoin Cash Crumble?

Bitcoin Cash Crumble

It was an exciting weekend for Bitcoin Cash (BCH), reaching an all-time high of $2,446.31 on November 12th. At press-time, it is now selling at $1017.79, a 58 percent decrease from its high this Sunday.

Source: CoinMarketCap

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During BCH’s high its rival, the original cryptocurrency Bitcoin dipped below $6,000.

It’s pretty clear that this highly anticipated “flippening” of the two cryptocurrencies, that some Bitcoin Cash enthusiasts predicated is now nowhere in sight. Although it had definite momentum, Bitcoin Cash’s own difficulty protocol is what halted this from actually happening.

Source: CoinMarketCap

Bitcoin, as shown in the graph above, had a rollercoaster of a weekend in conjunction and connection with Bitcoin Cash’s rise. Bitcoin’s hash rate drastically fell this weekend close to 50 percent, as Bitcoin miners dropped mining Bitcoin and jumped over to Bitcoin Cash due to the monetary mining reward potentials. As mentioned earlier, Bitcoin Cash’s own difficulty protocol was its own demise, as it made Bitcoin Cashless profitable to mine and users switched back to mining Bitcoin.

At press time, Bitcoin has broken its own all-time high record from back on Nov. 8 and is now selling at $7756.28 and is up 7 percent.

A lot of this Bitcoin momentum stems from the major CME Group announcing Bitcoin future tradings launching the second week of December.

Featured Image: twitter

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