Created via hardfork, the Bcash cryptocurrency shows real crazy price jumps. From Saturday to Sunday, the BCH was able to takeover the 2nd place in Coinmarketcap ranking; Ethereum was locked on the 3rd. At that time, the average price of Bitcoin Cash reached $2426.20.
Top Ten Cryptocurrencies, 12.11.17
As you can see on the pic above, the marketcap of BCH reached almost $40B with $10B 24h volume. Let's look at the press time situation.
Top Ten Cryptocurrencies, 13.11.17
As you can see it now, Bitcoin Cash lost about 50% of its price and $17B of its marketcap.
Bitcoin Cash Price chart
On the chart above, you can see the peak of BCH price, that exceeded the $2400 mark. But still, if we check the 7 day gain of Bitcoin Cash price, we will find out that it gained almost 100%.
On 12.11.2017, Bitcoin Cash accounts for more than 40% of the total trading volume in the cryptocurrency market. At the same time, the most actively traded BCH South Korean exchanges, especially Bithumb. Today, it is on the 2nd place with 31.68%, and still, South Korean exchanges are leaders.
Bitcoin Cash trading volume
At the time of price spikes, the Bitcoin Cash production accounts for more than half of all hash capacities.
Absolute hashrate in exahashes per second
Bitcoin Cash was and is actively mined by the F2pool, Antpool, Viabtc, BTC.com, Bitcoin.com, BTC.top, Supernova, Bitclub and number of unknown pools.
Latest Bitcoin Cash Blocks by Mining Pool (last 1000 blocks)
Along with the growth of hash-capacities aimed at mining Bitcoin Cash, the price, and with it the profitability of production of this "young crypto currency", grew significantly.
Daily Bitcoin Cash Profitability Against Original Chain
As you can see on the graph above, the significant spike of this parameter came along with price spike.
All this crazy jumps came along with the rapid growth of unconfirmed transactions in the bitcoin network, the number of which at some points exceeded 150.
Giant amount of unconfirmed transactions led to the decrease of Bitcoin network performance. Large number of transactions for small amounts with high system commissions. As a result, ordinary translations are moved to the end of the queue for confirmation.
In addition to slowing the operation of the bitcoin network, the accumulation of unconfirmed transactions has led to an increase in the average size of commissions. In the hope of a faster confirmation, some users assign commissions for transactions in the region of $ 15-20 and higher. Can this be an attack on Bitcoin network?
Vitalik Buterin, co-founder of Ethereum, sincerely congratulated Roger Vera and Jihan Wu
— Vitalik Buterin (@VitalikButerin) 12 ноября 2017 г.
According to some users of Reddit, the current growth of Bitcoin Cash is not healthy, but is "the greatest in the history of the Pump & Dump":
Bitcoin Cash WILL NOT take over Bitcoin. This is the biggest Pump n Dump in Crypto history and here's why. https://t.co/502uGaMkK8
— /r/Bitcoin (@RedditBTC) 12 ноября 2017 г.
Some people are convinced that the main tool for manipulating the Bitcoin Cash exchange rate is the largest South Korean exchanges.
To me it looks like $BCH is being manipulated in a big way. I just hope not many people fall for it because I'm sure it will be dumped hard very soon. Most of the volume is coming from #Bithumb no trading fees. pic.twitter.com/HdKlwZFgjK
— Vella (@cryptotrader85) 12 ноября 2017 г.