All eyes were on bitcoin on August 1st, as it underwent the biggest change it had undergone since its inception in 2009.
After years of debate, the issue of scalability resulted in a fracturing of bitcoin onto two separate paths, now called Bitcoin and Bitcoin Cash.
The usual cast of characters came out to warn that this was the death of bitcoin. And, as it always seems to do, bitcoin pushed on unscathed.
In fact, it was more than just unscathed. Just days after the fork it skyrocketed to new all-time highs.
On August 1st, bitcoin was trading at $2,735 and it hit a high so far today of $3,329 for a gain of 22% in the last few days.
And, that’s not including Bitcoin Cash which everyone who was holding bitcoin on August 1st also now has.
Bitcoin Cash has sold off the last few days and currently sits just over $200.
The two combined mean that anyone holding bitcoin on August 1st now has over $3,500 worth of bitcoin and Bitcoin Cash.
The entire cryptocurrency space skyrocketed today, with the exception of Bitcoin Cash.
The all-time high for market capitalization for the entire cryptocurrency space was $116 billion in June, and we currently sit just shy of that at $111 billion.
Those who have been following bitcoin for the last year know that bitcoin was hurt by its slowness to scale in the face of rapidly rising usage and it allowed many other cryptocurrencies which can handle larger volumes to gain on bitcoin’s dominance.
Bitcoin fell from 86% dominance in the crypto space to start the year to a low of 38% in June. But it has now begun to regain some of what it lost and rose about 50% just prior to the fork.
We’ll see if that continues now or not. And we’ll also see what kind of effect Bitcoin Cash has on the market in the coming weeks and months.
Believe it or not, this whole scaling issue still isn’t over and is expected to continue on at least until November.
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