The cryptocurrency market underwent a dramatic transformation on November 10, 2017, as the sudden cancellation of the SegWit2x hard fork sent Bitcoin tumbling more than $1,000 in under 48 hours while propelling Bitcoin Cash on an explosive rally that pushed it past the $1,000 mark for the first time.
The upheaval represents one of the most significant market rotations in cryptocurrency history, with billions of dollars flowing from Bitcoin into its offshoot rival in a matter of hours — underscoring the increasingly fragmented nature of the digital asset landscape and the growing appetite for alternative blockchain platforms.
TL;DR
- SegWit2x hard fork was called off on November 8 due to lack of consensus
- Bitcoin crashed from near $7,900 to approximately $6,500, losing over $1,000 in 48 hours
- Bitcoin Cash surged 57% in a single day, surpassing $1,000 for the first time
- Over $20 billion was wiped from Bitcoin’s market capitalization
- Major trading volume across top exchanges exceeded $5 billion in 72 hours
The SegWit2x Collapse
The SegWit2x proposal, which would have doubled Bitcoin’s block size from 1MB to 2MB in an effort to improve transaction throughput, was suspended on November 8 by its organizers. The upgrade, initially backed by a majority of miners and several major Bitcoin companies, had been billed as a necessary scaling solution for the increasingly congested network.
However, support had been waning for weeks. Key developers and influential community members expressed concerns about the rushed timeline and potential security risks. When the suspension was announced, markets reacted with extraordinary volatility.
The irony is palpable: the news initially sent Bitcoin to a new all-time high near $7,900, as traders appeared to celebrate the avoidance of a potentially chain-splitting fork. But the euphoria was short-lived. Within 48 hours, profit-taking and a massive capital rotation drove Bitcoin down more than $1,000, with the price touching $6,300 at its lowest point on November 10.
Bitcoin Cash Becomes the Beneficiary
As Bitcoin bled, Bitcoin Cash absorbed the fleeing capital with stunning speed. BCH surged an extraordinary 57.2% on November 10 alone, according to data from Kraken, with trading volume reaching $126 million on that single exchange. By November 11, Bitcoin Cash reached an intraday high of $1,300 — a staggering ascent for a cryptocurrency that had been created just four months earlier.
The rally was fueled in part by prominent Bitcoin advocates, including Roger Ver, who publicly shifted their support to Bitcoin Cash following the SegWit2x cancellation. For many in the “big block” camp, Bitcoin Cash represented the original vision of Bitcoin as a peer-to-peer electronic cash system — one that SegWit2x was supposed to deliver on the main Bitcoin chain.
According to Kraken’s daily market report for November 10, the exchange saw $394 million in total trading volume across all markets. Bitcoin dominated with $181 million in volume despite its 10.5% decline, while Bitcoin Cash captured $126 million as the second most-traded asset.
Broad Market Carnage
The sell-off was not confined to Bitcoin. Nearly every major cryptocurrency experienced significant losses on November 10, with Ethereum falling 8.36% to $298.80, Litecoin dropping 11.8% to $58.60, and Ripple’s XRP declining 8.20% to $0.2020. Monero was hit even harder, losing 12.3% to trade at $102.63, while Stellar dropped 12.2%.
Bitcoin Cash was the sole standout among the top cryptocurrencies, along with Ethereum Classic, which managed a near-flat performance with just a 0.21% decline. Tether, the stablecoin pegged to the US dollar, held steady at $1.00, serving its intended purpose as a safe harbor during the storm.
The top five exchanges by trading volume during this period were Bitfinex, Bithumb, Bittrex, Bitflyer, and GDAX, collectively processing billions of dollars in trades as the market upheaval intensified.
Technical Analysis Points to Continued Pressure
Bitcoin’s technical indicators painted a bearish picture on November 10. The two Simple Moving Averages crossed paths during the evening session, with the long-term 200 SMA moving well above the 100 SMA — a classic signal that the path back to upward momentum would be difficult. Both the Relative Strength Index and Stochastic oscillators were heading south, suggesting the sell-off had further to run.
Despite the dramatic correction, Bitcoin remained up more than 600% for the year, a testament to the extraordinary bull run that had defined much of 2017. Market participants were divided on whether the dip represented a buying opportunity or the beginning of a deeper correction.
Why This Matters
The events of November 10, 2017 represent a watershed moment in cryptocurrency history. The failure of SegWit2x exposed the deep ideological divisions within the Bitcoin community and demonstrated that governance by consensus in a decentralized network is extraordinarily fragile. The explosive rise of Bitcoin Cash proved that capital in the cryptocurrency markets can rotate at breathtaking speed when the narrative shifts. For investors and builders alike, the lesson is clear: in the world of digital assets, the line between store of value and medium of exchange remains fiercely contested, and the outcome will shape the trajectory of blockchain technology for years to come.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
btc dropping $1400 in 48 hours while bch pumped 57% to $1000. the segwit2x cancellation was the wildest market rotation ive seen
trading volume over $5 billion in 72 hours on bch alone. pure speculation disguised as conviction lol
the irony is segwit2x failing was the best thing for btc long term. bch at $1k was a bull trap and everyone who bought that rotation got rekt within a month
bch went from 1k back to 300 within a month. anyone who bought that rotation got destroyed
Vlad K. bch at 1k was pure rotation hot money. btc recovered because the fundamental thesis didnt change, bch crashed because it was a governance protest not a technology
no2x_ 1400 dollar btc drop in 48 hours while bch did a 57% face ripper. november 2017 was the most chaotic week in crypto history and nobody can convince me otherwise
$20 billion wiped from BTC market cap and BCH absorbed most of it. That was the original flippening narrative.
the flippening narrative was so strong that roger ver was on cnbc weekly. media cycle peaked right at the top
segwit2x had zero consensus and still almost happened. reminds me of every governance debate since
segwit2x was the last time a major btc governance decision was decided by market forces rather than social media campaigns. 2017 was a different animal
over $20B wiped from btc market cap and it recovered within weeks. the 2017 bull was unstoppable, even a governance crisis couldnt slow it down
i was trading on bitfinex that night. the orderbook depth on bch was paper thin. 57% pump on basically no liquidity. anyone with size couldnt exit