Over the past 24 hours, the bitcoin price has demonstrated extreme volatility, declining to $5,500 at one point. Since hitting a new weekly low, it has recovered to $6,200.
The recent decline in the price of bitcoin can be wholly attributed to the surge in the value of Bitcoin Cash, and the movement of SegWit2x supporting investors, users, and businesses shifting toward Bitcoin Cash with one unified vision.
Consequently, the price of Bitcoin Cash has increased from $600 to $1,500 in the past week, reaching $2,800 earlier today. As the Bitcoin Cash price plunged from $2,800 to $1,500, the price of bitcoin recovered, from $5,700 to $6,200.
As Xapo President Ted Rogers stated earlier today, on November 12, the surge in the price of Bitcoin Cash was not sustainable, given that there was no infrastructure, community and active user base to back such trend, even if the SegWit2x supporters have migrated to Bitcoin Cash.
While Bitcoin Cash has become too expensive at this point to obtain for investors, Rogers emphasized that bitcoin has become irresistibly cheap, given that the price of bitcoin peaked at $7,900 last week and it remains just below $6,300.