Why is Bitcoin Cash Rising So Fast?

My response to a post by @greatvideos was about to get a very long response and realized it really deserved to be it's own post. greatvideo's post isn't the only one talking about the subject of the huge increase in Bitcoin Cash and most don't have a feel for why it's happening. Bitcoin Cash has clearly landed a solid punch and Bitcoin has taken a few steps back, but why?

My opinion is that this has to largely due with the group of people who felt the X2 fork needed to happen for Bitcoin. They look at Bitcoin and feel a larger block size is needed to be a viable means to transact business, that is buy/sell goods or pay bills or insert any form of money transaction. I could write an entire series on Bitcoin, but that isn't the purpose of this post.

So back to the fork, or rather the failed fork. This fork was supported by enough people that now are feeling a little disenfranchised with Bitcoin. They thought after the fork that the X2 chain would become king and actually take over the ticker BTC.

Not so fast, a forced fork that a majority of users didn't support wasn't going to fly this way so it then looked like we would have a New Bitcoin Symbol for the X2 chain/coin.

Once this all fell apart this week it left the group of people who still feel Bitcoin as it stands will never be able to scale to the levels needed to be a currency with a decision. Do we hold a coin that we feel isn't up to par OR do we look for a better alternative.

Clearly a large enough group of holders have moved their assets to Bitcoin Cash (BCH) as it has a larger block size and closer to what the X2 supporters want to see their blockchain look like.

Is Bitcoin's Rule About to Fall?

This is a rebalancing of supporters and once they leave Bitcoin I'm not sure they will return, or at least not with the same percentage of holdings in Bitcoin. But as Bitcoin is the coin the world talks about and current King I don't think you should count it as down and out yet.