Capping a titanic weekend price surge, Bitcoin Cash (BCH) temporarily hit an all-time price high of $2,426 and eclipsed Ethereum as the #2 cryptocurrency by market capitalization in the early minutes of Sunday, November 12.
At press time, BCH has retraced down to the #3 position by market cap and to the $1400 price range, but it’s been a historic 3-day performance for the 8MB cryptocoin that’s seen droves of users joining the lower-fee Bitcoin chain in the wake of the SegWit2x cancellation drama.
Some are hailing the current surge as the beginning of BCH’s “flippening” of BTC. While that certainly remains to be seen, the current excessive congestion on the BTC network – congestion that soared upwards of 100,000 backlogged transactions over the weekend – means an acute flight from BTC to BCH has certainly been in play.
How long this flight continues, or whether the shift begins to retrace further, is anyone’s guess. BTC’s new difficulty readjustment could engender a considerable re-balancing.
The road ahead is cloudy for the Bitcoin community, to say the least.
“So the flippening has actually happened, just not the flippening we wanted. This is insane.”
And, again, while Ethereum has returned for now to its position as the previously dominant #2, the Bitcoin community’s ongoing scaling debate suggests a lot more choppiness is in store fore the top 3 cryptos by market cap in the months ahead.
To be sure, the crypto pundits have been sounding off on BCH’s raging performance in what’s truly been a social media firestorm in the post-SegWit2x crypto space:
Bitcoin and Bitcoin Cash will coexist and serve different use cases, just like Bitcoin and Ethereum. Its not a zero sum game. Work on building your project, not on destroying the other
— Andreas (@aantonop) November 12, 2017
BCH vs BTC: Everyone's anger over centralization is telling about the naivete of developers. Mining is a business. It was designed to be so. And here is the flaw: Businesses conglomerate and centralize. Always. Business 101.
— John McAfee (@officialmcafee) November 12, 2017
Vitalik is both a genius and a class act. That’s why I sold a portion of my BTC for Ethereum in addition to lots of Bitcoin Cash. https://t.co/9iPk9kpvwE
— Roger Ver (@rogerkver) November 12, 2017
No, please stop this. Bitcoin Cash is Bitcoin Cash. We should not confuse it with Bitcoin.
— Jihan Wu (@JihanWu) November 9, 2017
The scaling debate is clearly only getting started.
TLDR: BTC’s closest rival Bitcoin Cash has surged into prominence after a chart-surging weekend price rally. BCH continues to poach more followers in the ongoing scaling debate.