Bitcoin Prices landed Into Soup
The price of Btc Cash did breach the $1,000 mark earlier today, but the increase in the value of Btc Cash also seems slightly inorganic, given its 20 percent increase in value for three days straight. More importantly, the Btc Cash market is heavily concentrated in South Korea, with three major South Korean trading platforms accounting for around 53 percent of Btc Cash trading.After a meteoric rise in value in the past 30 days, the btc price has endured a major correction as it dropped from $7,500 to $6,550. Such trend has been evident in the decline in the btc dominance index, which dropped from over 62 percent to 55.1 percent. Hence, a major correction on bitcoin has been long over due, considering the rapid increase in its price in a relatively short period and the SegWit2x hard fork. Several experts and investors have claimed that the high fees of bitcoin and the cancellation of SegWit2x are pushing existing bitcoin users to migrate to Bitcoin Cash, which has a flexible block size limit and therefore, larger on-chain capacity than bitcoin.
Analysis Of The Downward Trend
While the above mentioned claim is far fetched, it is notable that the mempool size of btc has risen to 100 million bytes for the first time since June. With the mempool, the holding area for unconfirmed transactions, overloaded with bitcoin transactions, users are likely to be recommended to attach higher fees than usual by wallet platforms. Before delving into the analysis of the downward trend and the recent decline in the price of btc, it is important to acknowledge that the price of bitcoin has increased from around $4,500 to $7,500 within a single month. Even with the recent major correction, the btc price has recorded a 29.2 percent monthly increase and investors are overly concerned with the short-term price trend of btc. Many analysts have predicted the price of btc to plunge either after the cancellation or execution of SegWit2x, as B2X dividend expecting investors reallocate their funds from btc to other cryptocurrencies.