And in the continuing saga of perhaps the biggest bubble the entire planet has ever known (also known as .... this time, it's really different!), lets drop in on the saga of the Bitcoin and Bitcoin Cash split to see what's happening.
As you recall, on July 31st one Bitcoin was about $2,700.
On Aug 1st, Bitcoin split into Bitcoin (big deal) and Bitcoin Cash. Each Bitcoin entitled it's owner to one coin of Bitcoin Cash.
Despite issuing about $6 billion in new forked Bitcoinish currency, Bitcoin itslef didn't move in value, and Bitcoin Cash moved from $200 up to about $800 and back down to $400.
Since then Bitcoin has been on a rising tear, while Bitcoin Cash doesn't really know what to do with itself.
Today Bitcoin is pushing up to all time highs around $4,500, while Bitcoin Cash is worth $300.
I don't know what Bitcoin Cash is supposed to do now that the world once again loves Bitcoin as the big kahuna of crypto, but Bitcoin Cash, in it's 3rd week of existence, is the 4th largest crypto currency. There's ~$4 billion worth of it out there floating around, and it was only born about 17 days ago.
coinmarketcap.com
I don't know what to do other than just stay long Bitcoin and see what happens. If it doesn't go up 15% in a day it's not very exciting any more, but if often goes up 15% in one day, so fine with me. |
