Bitcoin One Step From Recession – Bitcoin Cash Triumphs

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Published: Dec 21, 2017, 14:30 UTC

The pre-holiday week was marked by overall altcoin growth, with Bitcoin Cash registering significant gains for a number of reasons.

Institutional investors kept away from Bitcoin’s abnormal dynamic, concentrating instead on altcoins such as IOTA and Ripple, with Bitcoin’s market share falling dramatically below 50%. Nonetheless, Bitcoin found support at around $15,000, just a step away from the bear territory, often perceived as the loss of 20% from the peak. This pioneering cryptocurrency’s price fell to $16,100 yesterday, down from its peak at $20,053, a drop of 19.7%. Bitcoin is trading at $16,230, down 1.16% at the time of writing.

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It seems that Bitcoin Cash, considered by some as the “true Bitcoin”, emerged the winner in the last few days, rising from $1,900 on December 18 to $4,300 on December 20. This was due to several factors, one being the move of Emil Oldenburg, co-founder of Bitcoin.com, to exchange his Bitcoins for Bitcoin Cash. After that, the markets found out about the launch of BCH trading on Coinbase, the largest cryptocurrency exchange, prior to the official press release announcing this development. What’s more, there appears to be a sense of fear in the community regarding tech problems faced by Bitcoin but not by the fork.

This article is written by FxPro

About the Author

Ed Andersoncontributor

Ed Anderson has over 35 years of experience in the financial markets, having worked in London, New York, Toronto, Singapore and Australia. Ed provides in-depth Fundamental and Technical Analysis, as well as frequent market insights on multiple asset classes, to the benefit of FxPro clients.