It has been a crazy ride for cryptocurrency investors this year. After the Bitcoin boom of 2017, things took a significant tumble, and just when things were on an upward trend, markets fell again, with the raid on South Korean cryptocurrency exchange Upbit having a significant impact.
While many outlets have focused on the impact this has had on Bitcoin, seeing it fall from nearly $10,000 to just $8,670, it is not the only currency to have been hurt. For example, Bitcoin Cash slid to $1,480, with 14 percent of its value having been lost in just 24 hours.
Despite this, those who hold Bitcoin Cash are hopeful. According to some estimates, despite its slide, it should soon crack the top three cryptocurrencies worldwide.
Part of the reason for this projection is that Bitcoin Cash’s drop was significantly smaller than nearly all other currencies in the top 15, 12 of which saw a loss of more than 20 percent of their value. According to Cash Consortium, Bitcoin Cash is the “soundest money the world has ever known.” The consortium described the currency as having five vital qualities: scarcity, fungibility, divisibility, durability, and transferability.
While this likely does play into the current stability of Bitcoin Cash, perhaps the greatest contributor is the upcoming Bitcoin Cash hard fork. According to some analysts, Bitcoin Cash could end up surpassing Bitcoin after the hard fork.
The hard fork is set to take place tomorrow, offering numerous upgrades to the system, including smart contracts, tokenization, and changing the blocks to 32 Mb. Whether or not this will be the great success enthusiasts are hoping for remains to be seen.