After all the chaos of the past month, hodlers were rewarded Saturday with a huge surge in Bitcoin pricing. At press time, BTC was trading at $3,104, a new all time high. Reddit exploded with the news, filled with a number of funny GIFs showing the exuberance of the BTC marketplace.
Fear of the fork
Many analysts had changed their perspective on BTC after the news of the Bitcoin Cash (BCH) fork was made public. There were those, however, who directed the public back to the fundamentals of BTC, encouraging hodlers to remain calm and not give into fear of value loss. It appears for today that they have been rewarded highly.
Other coins
Litecoin (LTC) and Ethereum (ETH) were also up on the day, though nowhere near the substantial gains of BTC. Analysts have previously suggested that the fork was moving some out of other cryptocurrencies and that ETH especially was undervalued. The BTC increase also saw a correspondingly painful decrease for BCH, down nearly 25 percent as of press time.
It was to be expected, whether you are holding bonds, stocks, gold or in this case bitcoins, long term holders are always rewarded, bitcoin cash has always been destined for a failure and to be nothing more than a coin for speculators for the simple fact that is not something the community wanted, we do not want hard forks.
