Bitcoin Cash, Bitcoin Gold, Reclaim Their Positions
As Bitcoin slid below $8,000 again, the two most prominent forks bounced from their recent lows.
Bitcoin Cash (BCH) stood around $900 for days, near its lower levels, before spiking by more than 26% in a day, to recover its more habitual range of around $1,200. And this time, BCH is on the way to improve its ratio against BTC, if the leading digital asset remains in the current range.
In the case of BCH, still more time is needed to see if the recovery would survive more than a few days.
The Bitcoin Cash network has stabilized, possibly benefitting from new mining facilities coming online, as well as an improved algorithm that ensures mining BCH is roughly as profitable as BTC.
Bitcoin Cash hash power is steadily increasing and is currently 6.5% more profitable to mine #BCH over #BTC… now at 25% total available PoW hash rate 📈— James Howells (@howelzy) February 8, 2018
Price up 25% last 24 hrs 📈#BitcoinCash #Bullish ✌🏻
At least for now, BCH is seeing the optimistic trend continue for a few days more.
Bitcoin Gold Recovers
Bitcoin Gold (BTG) has established itself as one of the more prominent forks, possibly due to the head start it had in October 2017, while other forks coming after that remain obscure. BTG also had the advantage of riding on the fame of the SegWit2X hard fork, which additionally increased exposure.
Yet the BTG price slumped below $200 in the latest correction. But a recovery followed, as BTG grew by more than 24% overnight to around $115.
Yet despite the high percentage growth, the price weakness starts making this fork look less attractive.
Bitcoin Gold continues to build its community with giveaways. Recently, a new mobile wallet was released, supporting just BTG coins.
The wallet has seen up to 10,000 downloads, and so far no problems have been noticed by users.
Bitcoin's Dominance Down Again
As altcoins recover, it becomes clear that Bitcoin's dominance would not return to previous levels. Even as altcoins were sold off, the dominance of BTG did not climb above 36%, while in the past year it has been habitually above 50%.
In the past month, the dominance of Ethereum has inched higher, but the collection of altcoins and tokens has an ever widening share.