Bitcoin went berserk. At least in the eyes of cryptocurrency bulls. But what’s happening now is an extension of what’s been going on in the Bitcoin market for months. And the current situation, with all its extreme signs, actually points to one more likely specific outcome.

You have got to love it. As Bitcoin depreciates, stories of “why” this has been happening are cropping up like mushrooms after rain. The one development that is liked to the slide in the price of digital currencies is the ongoing quarrel in Bitcoin Cash, one of the forks of Bitcoin. In an article on the Forbes website, we read:

Bitcoin, along with other major cryptocurrencies ripple (XRP), ethereum, bitcoin cash, stellar, and litecoin, have fallen again over the last 24 hours as investors and traders fret over a flood of warnings on the future of cryptocurrencies.

The bitcoin price has been dropping since a civil war in a fork of bitcoin, bitcoin cash, led to the smaller cryptocurrency splitting again in two last week. The bitcoin cash so-called hard fork, a consequence of the coin’s developers and miners being unable to agree on a direction to take the cryptocurrency, resulted in the creation of bitcoin ABC and bitcoin SV.

The two continue to battle it out for dominance, waging what’s known as a hash war, as each tries to gain the upper hand in computing power and take control of the bitcoin cash network.

This is a very appealing story. There’s a battle in Bitcoin Cash and it spills over to Bitcoin itself and to other digital currencies. The main problem with this narrative is that the whole Bitcoin Cash market is now a bit over $6 billion versus almost $90 billion for Bitcoin itself. This means that the market cap for Bitcoin Cash is around 7% of Bitcoin’s market cap. So, there’s only so much influence Bitcoin Cash can have. Also, it’s not even clear that it really is the situation in Bitcoin Cash that’s driving the market now. It might be, we can’t be quite sure.