Let’s forget about slots and blackjack for a moment. This market is absolutely bonkers with Bitcoin Cash looking as if it could dethrone the almighty Bitcoin from its rightful throne. Currently, on Coinmarketcap, Bitcoin Cash (trading under: BCC) is already over one-fourth of Bitcoin’s total market cap. BCC has jumped over 300% since the beginning of November, with the latest spike in the last 24 hours.
How is Bitcoin Cash Different from Bitcoin?
Bitcoin Cash was born on 1st of August when Bitcoin hard forked because the bitcoin miners wanted to activate Segregated Witness to solve Bitcoin’s scalability problems.
Bitcoin Cash is a faster version of Bitcoin. Bitcoin has struggled with scalability, as the transaction times have proven slow with Bitcoin gaining more and more mass adoption. BCC uses a customizable block size to aid the transaction speed, regardless of the miners supporting it. This has raised a question or two about BCC’s security.
Bitcoin Cash is more of a purist version of Bitcoin, as many see the SegWit activation as Bitcoin becoming more centralized. BCC remains uncentralized, and thus you could make a case that Bitcoin Cash is closer to Satoshi Nakamoto’s vision of what Bitcoin should’ve become.
Is This Sustainable?
The situation with Bitcoin Cash has gone far from investing – it’s gambling at this point. While we have no problem with gambling, the 300% rise we’ve seen from the beginning of the month is nowhere near sustainable, and BCC correction is on the way.
The fact is, the adoption of Bitcoin is much, much further and the market cap of BCC should be nowhere close to where it right now stands. Sure, one day, Bitcoin Cash could challenge Bitcoin if it actually gets real use cases and people start using it for real money transactions, but currently, that’s not something that’s in sight.
The current price of $1700 is a bubble about to burst, so make sure you steer clear before you’re caught in the eye of the storm. Bitcoin Cash will remain in the top 5 cryptocurrencies as long as the market cap’s concerned, but this hype will not live for long
Gamble.io’s June 30th Price Prediction: $670