For just a little while early Sunday morning, Ethereum had to give way to Bitcoin Cash as the second largest cryptocurrency on the market. Bitcoin Cash hit an all-time high of $2500 per coin, and then came crashing back down to about $1000+.
Bitcoin Cash broke away from Bitcoin this August
Since last Wednesday, after Segwit2X, the developers behind a further split withdrew their support for the plan, Bitcoin has been on a slide.
According to a Business Insider report, cryptocurrency experts believe that Segwit2X could dump Bitcoin and hitch their wagons to the Bitcoin Cash phenomenon.
The Sunday surge by BCH briefly took its market cap beyond $40 billion to become the second-largest cryptocurrency in the world ahead of Ethereum.
According to Kyle Samani, managing partner of MultiCoin Capital:
“There were lots of Bitcoin Cash whales who were in early on Bitcoin who were waiting to see what would happen with 2x. Now they’re making their move. They’re dumping BTC for BCH….I know many Bitcoin OGs who have dumped $10m+ of BTC for BCH … Turns out there were a lot more BCH ideologues than we all thought.”
As Laura Shin of Forbes writes, this looks to be little more than a crypto civil war.