by Jeff Berwick, The Dollar Vigilante:
All eyes were on bitcoin on August 1st, as it underwent the biggest change it had undergone since its inception in 2009.
After years of debate, the issue of scalability resulted in a fracturing of bitcoin onto two separate paths, now called Bitcoin and Bitcoin Cash.
The usual cast of characters came out to warn that this was the death of bitcoin. And, as it always seems to do, bitcoin pushed on unscathed.
In fact, it was more than just unscathed. Just days after the fork it skyrocketed to new all-time highs.
On August 1st, bitcoin was trading at $2,735 and it hit a high so far today of $3,329 for a gain of 22% in the last few days.
And, that’s not including Bitcoin Cash which everyone who was holding bitcoin on August 1st also now has.
Bitcoin Cash has sold off the last few days and currently sits just over $200.
The two combined mean that anyone holding bitcoin on August 1st now has over $3,500 worth of bitcoin and Bitcoin Cash.
The entire cryptocurrency space skyrocketed today, with the exception of Bitcoin Cash.
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