It was one of the most intense weeks in the crypto industry this year, a week that threatened to make or break the industry. The week was majorly hinged on the Bitcoin Cash fork, a fork that was accompanied by a market wipeout. The fork divided the Bitcoin Cash community into two, an ironic development as Bitcoin Cash is the result of a fork itself. The price of Bitcoin hit a two-year low at $5,300, with Ethereum and Bitcoin Cash not doing any better. XRP has however recovered faster than its peers and has taken over as the biggest altcoin currently in the market.
The Turbulent Week That Was
Bitcoin started the week well at $6,400, a price range that it has maintained for the past two months. The volatility was quite low as well. However, come November 14, everything went downhill for the king of crypto. This was just a day before the Bitcoin Cash hard fork, leading many analysts to make a link between the two.
Bitcoin dropped from $6,370 on the morning of November 14 to hit lows of $5,550 as investors became weary of the effects of the hard fork. In some markets such as Coinbase and Bitstamp, Bitcoin hit as low as $5,300, the lowest price it has hit this year. The last time Bitcoin was this low was a year ago in October.
Ethereum didn’t perform any better, shedding 15 percent in hours. Ethereum dropped from $207 to $175 in just a few hours, dropping $3 billion in the process. It got worse for Ethereum, as it lost its place as the second-largest crypto in the industry to Ripple’s XRP.
XRP overtook Ether as the most valuable altcoin, albeit by a very small margin. However, as the market continued to bleed, Ether continued to lose while XRP showed more resilience. The gap kept growing and two days later, the gap currently stands at $2.5 billion. In the past 24 hours, XRP has gained 7 percent compared to Ether’s 1.1 percent.
Despite the great bloodshed, Bitcoin, Ether and XRP were still not the biggest highlights of the week. This fete belonged to Bitcoin Cash, the fourth-largest crypto in the market. BCH held its hard fork on November 15, a fork that divided the community into two major camps.
BCH forked into Bitcoin ABC and Bitcoin SV (Satoshi’s Vision) and the two have been involved in a supremacy battle since. ABC has held on to its lead, both in mining power and blocks mined but SV has gradually been catching up.
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