Bitcoin Cash Soaring to Record High Above $900 as It’s More Profitable to Mine than Bitcoin

Bitcoin close the previous week at $4,085 after hit a new $4,480 all-time high. Since then, the price has been in free-fall, and is currently hovering around $4,000.

At the same time, bitcoin cash rose dramatically, by more than 200% in the last 36 hours alone. It is on a bullish upward trend, and the price has easily crossed above $900, and currently trading at $791.25. An inverted correlation between the competing chains, seems to be rather obvious at this point, although the older chain does have a proven track record, and ample prior history unlike the former.

It took #bitcoin exactly 7 years to increase from $0 to $2,000. It took bitcoin 85 days to go from $2,000 to $4,000. Exponential growth! pic.twitter.com/sJoaydjW8T

— Joseph Young (@iamjosephyoung) August 18, 2017

Mainstream media is continuing to cover crypto currencies, with bitcoin is at the forefront of course. CNBC is citing targets as high $6,000, forecasts which appear rather redundant at this point. Exotic price predictions are rampant on social media as well.

"Bitcoin's price is headed to $500,000 in 2030" That would make Silver to Bitcoin's Gold around $5500. #Litecoin #Bitcoin $BTC $LTC pic.twitter.com/gBP38kYf0j

— Blockchainlife (@Blockchainlife) August 18, 2017

Even Max Keiser has begun to heavily promote the first, and original crypto currency, who is rather famous for promoting start coin.

#Bitcoin is clearly a Gold substitute and safe haven asset. If 20% of Gold HODL move to Bitcoin, price easily tops $100,000. pic.twitter.com/pzfeumIOxN

— Max Keiser (@maxkeiser) August 17, 2017

$9tn in negative rate bonds should migrate over to #Bitcoin. pic.twitter.com/dgfqbiUp04

— Max Keiser (@maxkeiser) August 17, 2017

As for something more substantial, Bloomberg had a rather interesting video piece on mines in China, and a supplementary article, on why investors see bitcoin as a better opportunity than gold. Additionally, new articles from independent sources have started popping up, explaining the intricacies of the whole process in more detail.

Figuratively speaking, bitcoin will be zooming past the earth’s atmosphere soon, at least according to Blockstream, which has started to hint at launching a satellite, one that will be used to exclusively transmit bitcoin blockchain data and transactions.

Erik Finman, a self-proclaimed bitcoin millionaire, plans to work with NASA in order to advance the fintech industry.

Segwit has continued to clear blocks, the activation period looks to be completed on August 23 (GMT 01:00), if the existing pace and momentum is kept up. Still, there is the added threat of another fork, creating a third version of bitcoin. Scheduled for November, the probable split is expected to happen at the 494,784 bitcoin block, which is less than 15,000 confirmed blocks away.

#Bitcoin in numbers. With SegWit almost live, the amount of transactions will begin to rise more rapidly. ? pic.twitter.com/9wYXqisXvx

— Sam Wouters (@SDWouters) August 18, 2017

Coindance has sustained, and has continued to meticulously track the politics behind all of the drama, as well as block, and node information. 5872 Core nodes are dominating over the network, with 955 UASF nodes in second, and 905 ABC nodes at a close third place. Bitcoin unlimited holds 708 nodes at the time of writing, and everything else is below 168, with some categories clenching to single and double digit numbers.

Bitcoin volatility is not expected to stop during the upcoming week, with price speculation set the the tone of the remarkable phenomenon of cryptocurrencies.

This post was originally published by EarnForex

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