With a massive 24hr volume approaching $10 billion, Bitcoin Cash has gone parabolic, gaining close to 100% against Bitcoin.
The BCH/BTC pair, which started the day at .21, traded as high as .41 within the last hour. BCH eclipsed the $2000 level and traded as high as $2495.
Is this more a function of BCH buying or BTC selling? Or both? The fact that 24hr BCH volume is outpacing BTC volume illustrates significant money flow into BCH.
Key figures are taking to Twitter to opine on the subject:
Bitcoin Cash is what I started working on in 2010: a store of value AND means of exchange.
— Gavin Andresen (@gavinandresen) November 11, 2017
If you want to stop Bitcoin Cash, you cannot do it by denying the reality around you. Accept that they will win round one. No contest. Start from there and make war.
— John McAfee (@officialmcafee) November 11, 2017
Mentions of “the flippening” have also skyrocketed in the past 24 hours.
Today’s price action is truly remarkable, and the volatility should remain elevated in the near term following this high volume activity.