The logic behind the price rise in Bitcoin Cash goes beyond a simple pump, and in fact may be a concerted effort to make it the best-mined blockchain and attract investors. These wallets are the popular multi-cryptocurrency wallets, Coinomi, Guarda, and Freewallet.
There are now more than 1,200 different tokens in existence according to CoinMarketCap. Bitcoin cash has managed to assemble this infrastructure, but some analysts believe investors and traders will experience "fork fatigue" as subsequent altcoins fork away from the main blockchain.
With bitcoin block size set to remain limited to 1-megabyte - roughly seven transactions per second - many questioned the potential of bitcoin to become a mainstream form of payment as payment processors such as Visa processes about 2,000 per second.
Of course, dumping the new Bitcoin Gold altcoin doesn't mean that it doesn't have a viable future.
For those who owned Bitcoin Cash a month ago and sold today, they would have made a 666% profit on their investment. Bitcoin has been shedding around 30% of its mining power in the past month, while the Bitcoin Cash hashing power rose, to surpass the total hashing power of the leading blockchain in the past 24 hours.
Goldman Sachs experts predicted that Bitcoin prices will consolidate near the $8,000 mark for some time before continuing its surge, the CoinTelegraph reported. Bitcoin proved it is far from a certain store of value, as it rapidly declined from a peak of near $7,900 to below $6,000, while the selling pressures continued. You can't, after all, just keep cloning Bitcoin forever.
Before this announcement, BCH has played a fairly secondary role in Bitcoin.
Bitcoin hit a record high of $7,879.06 that day after the news of the demise of SegWit2x, but quickly fell and was trading 9 per cent lower on the day Friday afternoon near $6,500, according to CoinDesk. Yes, Bitcoin Gold and Bitcoin Cash do have a potentially very strong future ahead.
According to Bloomberg, the house the event was held at resembled a computer coder's version of a frat house - bare furniture, the guts of computers and wires scattered on counter tops, no toilet paper, and the distinct smell of cat urine in several parts of the house.