After support for SegWit2x dissipated and the proposed software upgrade was suspended, bitcoin cash started seeing increased demand.
At first it was only a slight increase, but now we are seeing a full fledged fomo rally going on.
Bitcoin cash recently hit a high of nearly $1470 per coin, which represented a new all time high for the coin.
At the same time that has been going on, bitcoin has been seeing its price continue to drift lower and lower.
At the time of writing, bitcoin was sitting near $6300 per coin.
Several factors at play.
Bitcoin seems to be selling off for a couple reasons surrounding the cancellation of the planned Segwit2x upgrade.
For one, many speculators had been piling into bitcoin with the intention of collecting the free coins that had been getting airdropped with each hard fork.
The first was bitcoin cash, then there was bitcoin gold, and then many were hoping there would be the SegWit2x version of bitcoin airdropped on them as well.
When that didn't happen, many of those speculators likely decided it was time to lock in profits and move those funds elsewhere.
The other primary reason likely has to do with what this cancellation of the proposed upgrade likely means going forward.
The SegWit2x proposal had been in the works for 3 years now with several compromises coming along the way. The fact that it wasn't able to go through is leading some to believe that the software upgrades that bitcoin likely needs in order to scale may be impossible to eventually get.
For that reason, many of the big block supporters decided it was now time to move money away from bitcoin and into bitcoin cash because that one has bigger blocks.
Taking the above into account, it appears there is a momentum related reason for funds shifting as well as a fundamental one.
In other news, a date is finally set for Bitcoin Gold to begin trading.
The bitcoin gold network is officially slated to go live November 12th at 7 pm UTC.
Bitcoin gold has all been forgotten about with all of the recent headlines being about bitcoin and SegWit2x.
However, I am sure many bitcoin owners are anxious to get their airdropped bitcoin gold coins as soon as possible.
It looks like they don't have to wait much longer as the coins could be available for trading as soon as tomorrow.
Bitcoin gold (futures) have been enjoying a nice bounce as well ever since SegWit2x was officially suspended. It's now trading up near $400 per coin, after spending the last couple weeks around $150 per coin.
It will be interesting to see what investors decide to do with these new coins. There appears to be much less support for bitcoin gold than there was for bitcoin cash.
For that reason, I would not be surprised to see bitcoin holders start dumping their bitcoin gold holdings as soon as they are able.
However, the recent news about SegWit2x not going through might cause some to hesitate slightly as it isn't quite as clear today which bitcoin is the "real" bitcoin, at least not as clear as many thought that it was just a few short days ago.
Stay informed my friends.
Sources (including images):
https://bittrex.com/Market/Index?MarketName=USDT-BCC
https://themerkle.com/bitcoin-gold-will-finally-launch-on-november-12/
https://coinmarketcap.com/currencies/bitcoin-gold/
