The pre-holiday week was marked by overall altcoin growth, with Bitcoin Cash registering significant gains for a number of reasons. Institutional investors kept away from Bitcoin’s abnormal dynamic, concentrating instead on altcoins, with Bitcoin’s market share falling dramatically below 50%. Nonetheless, Bitcoin found support at around $15,000, just a step away from bear territory, often perceived as the loss of 20% from peak. This pioneering cryptocurrency’s price fell to $16,100 yesterday, down from its peak at $20,053, a drop of 19.7%.
It seems that Bitcoin Cash, considered by some as the “true Bitcoin”, emerged the winner in the last few days, rising from $1,900 on December 18 to $4,300 on December 20. This was due to several factors, one being the move of Emil Oldenburg, co-founder of Bitcoin.com, to exchange his Bitcoins for Bitcoin Cash. After that, the markets found out about the launch of BCH trading on Coinbase, the largest cryptocurrency exchange, prior to the official press release announcing this development. What’s more, there appears to be a sense of fear in the community regarding tech problems faced by Bitcoin but not by the fork.
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