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Bitcoin Cash Hype Bursts ....As 60% Losses Combine With Bitcoin’s Return

Bitcoin Cash (BCH) pulled a taunts over the weekend, ending with a price of $2,400 per coin and becoming  the second largest cryptocurrency with a market capitalization of $31bln.  

But, Monday morning and throughout the day, it has lost almost 60 percent of its value in 24 hours as Bitcoin’s original chain (BTC) reverses losses.

Cross-exchange data for Bitcoin Cash, which describes itself as “the best money in the world,” shows a swift turnaround in the altcoin’s fortunes through the weekend.

From highs approaching $2,300 per coin, BCH promptly fell to Earth currently circling $1,200 - $1,347.85  as of press time Monday.

Bitcoin has climbed almost seven percent in the same period.

The result of a giant publicity effort from its proponents, BCH saw mass investment as it heads towards a potentially contentious hard fork set for just after 7 p.m. GMT today.

The failure of SegWit2x, coupled with endorsement from the soon-to-be-defunct Bitcoin Classic team meant BCH became the major ‘competitor’ to Bitcoin overnight.

Its rapid rise has ignited the community, with widespread condemnation of lead supporters Roger Ver and Jihan Wu coming in tandem with public praise from Ethereum creator Vitalik Buterin.

As BCH approached its highest-ever point Nov. 11, Buterin delivered his “congratulations” to Ver on Twitter, adding it was a “key reason why he is now so confident in crypto.”

Criticism meanwhile has focused on the ‘corporatized’ nature of BCH in contrast to Bitcoin’s decentralization, while figures involved insist the altcoin is an improvement on Bitcoin.


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