He believes that the 100% shoot-up in the prices just within one day is suspicious more specifically as the trading volumes supporting the upmove are concentrated only by South Korea.
Bitcoin cash had a wild night.
Soon after the Bitcoin Cash touched its all-time high it was for little time that it could sustain this surge strongly and has been showing huge volatility since then. It surged out of its post-birth doldrums to climb to around $800 and surpass Ethereum as the crypto with the second largest market cap.
There is a lot of confusion looming over the recent uptrend in Bitcoin Cash and as it is now more profitable to mine over Bitcoin it is certainly going to grab more attention from miners. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin's main backers.
By 12 p.m. ET, bitcoin was back up at $6,160. In the past week, investors are seen shifting hands from Bitcoin (BTC) to Bitcoin Cash (BCH).
The planned split or fork, known as "SegWit2x", had meant to allow for more transactions to be processed at any given time, making fees for bitcoin transactions much cheaper.More news: Samsung introduces Exynos 9810 SoC, may power Galaxy S9 smartphone
It was a substantial hard fork that proved to be divisive within the communities of Bitcoin power players, and as a result of the confusion and lack of consensus, it was cancelled.
With a hard fork coming up for Bitcoin Cash next week, the currency is in stone demand which has been triggered in the aftermath of the Segwit2x announcement on Wednesday.
As recently as September, Segwit2x was being touted as a strong solution to Bitcoin's years-long block size dispute.
"Some traders may have been attempting a "dividend play" on the Segwit2X fork and purchasing bitcoin in anticipation", Blair said.
On the US -based Bitfinex exchange, fell to $6562.0, up $561.3, or 7.88% well below its recent high of $7895.
"[Bitcoin cash] is just being pumped as many other altcoins have been in the past, and inevitably the pumpers will cash out", he said. Rogers said "This Bitcoin Cash price move is far too fast to be real or sustainable".