"BITCOIN CASH IS BITCOIN NOW," this was a statement made by Li Ang, head of a Chinese based mining company. Such remarks, however, are not new, but they hold weight this time because billions of dollars have left Bitcoin and migrated to Bitcoin Cash. According to Coin Market Cap, Bitcoin Cash rallied from a market cap of 21 billion on Saturday, November 11th to a high of 40 billion On the morning of Sunday, November 12.
Furthermore, according to Coin Market Cap, at 4:30 Am on Sunday, November 12, the amount of mining power backing Bitcoin Cash surpassed that of Bitcoin. Check out the below chart for reference.
Thus, what are we to make of this, because as my Physics professor used to say, " Numbers don't lie." According to the data, Bitcoin Cash has seen the single greatest migration of funds from one crypto asset to another; It saw an increase of 20 billion dollars in less than 24 hours. Furthermore, for the first time ever, there is more mining power backing Bitcoin Cash than Bitcoin.
However, as my psychology professor used to say, "Numbers don't tell the whole truth." Therefore, to those who are wondering if they should sell all of their Bitcoin because of the Bitcoin Cash threat, I say to you, it is too early to panic. I say this because, though Bitcoin Cash rallied to a Market Cap of 40 Billion on Sunday morning, by Sunday afternoon it had fallen to a cap of 23 million.
Thus, my advice is, be patient and don't do anything out of fear. In the crypto world, I have seen a lot of money being lost because of people making choices out of fear and not logic. Therefore, wait patiently and follow the battle between the cryptos closely and if you do decide to act, make sure to act logically.
Reference
https://www.coindesk.com/confusion-euphoria-bitcoin-cash-30-billion-2000/
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