On Thursday night, Bitcoin Cash launched a hard fork that split the network of the fourth largest cryptocurrency into at least two competing versions, Bitcoin Cash ABC Fork ( BCHABC ) and Bitcoin Cash SV ( BCHSV). The Bitcoin Cash network was updated shortly after 7 pm French time. Channels BCHABC and BCHSV appeared at block 556767.
At the writing of this article, 12 blocks had been mined according to the ABC rules by the Bitcoin.com and BTC .com pools , while the SV chain had 8 new blocks. Following this hard fork , BCHABC – whose updated client activated the features of Bitcoin Cash’s official roadmap – seemed to have taken a significant lead. Nearly 3/4 of the nodes used ABC software , while only 8% opted for SV software .
On the price side, BCHABC also held the rope. Its futures (Bitcoin Cash ABC Fork) traded on Thursday night to $ 316 , up 25% over the last 24 hours. At the same time, the price of BCHSV was only $ 79, and the asset had depreciated by 54% over the same period. Note also that a large part of the platforms that support the BCH have previously indicated that they intend, eventually , to reference the BCHABC under the term Bitcoin Cash, using the symbol BCH .
However, the camp BCHSV – supported notably by Craig Wright and by billionaire Calvin Ayre – seemed to control a majority of hashing power (about 75%) in the hours leading up to the fork. Some of its members have indicated that they could use this lever to lead an attack against BCHABC . They could undermine empty blocks in order to complicate transaction processing by the network, and lead its users to join the BCHSV group . Bitcoin.com, owned by Roger Ver – who supports Bitcoin ABC – has attempted to replicate shortly before the fork , deciding to move much of the hash power from its mining pool to the BCHABC channel.
Cryptocurrency: a bloodbath for Bitcoin
The main cryptocurrencies have plummeted, accelerating their decline for 24 hours. The Bitcoin gives up nearly 11% on a day according Coinmarketcap, back to 5665 $. The queen’s decline of ‘cryptos’ is 13% over one week. The XRP corrected for its part of 9% on a day and 10% on a week. The Ethereum posted an even more disappointing performance, yielding 13% over 24 hours and 16% over seven days. The Bitcoin Cash collapsed by 12% in one day and 25% in seven days! The other altcoins are not spared, with falls ranging from 17% to 19% over a week, for Monero, Cardano, Litecoin or EOS.
Bitcoin at 13 months low
For example, Bitcoin , the benchmark for digital currencies, slumped below $ 6,000, dropping to a 13-month low. We must go back to October 2017 to find such levels on the ‘mother of cryptos’. As is often the case, there is no single, obvious explanation for this purge on digital currencies.
Capitalization of less than 100 billion
The capitalization of Bitcoin is ironed under $ 100 billion today, at $ 98 billion according to Coinmarketcap, against $ 18.5 billion for the XRP of the firm Ripple , which is now fighting the cryptocurrency second place with the Ethereum and its $ 18.4 billion ‘capi’. Bitcoin Cash only weighs around $ 8 billion, the Stellar $ 4.4 billion and the EOS $ 4.1 billion. The Bitcoin was not dropped below the $ 6,000 since August. It had steadily stabilized, showing reduced volatility, unlike other, more dynamic, cut-offs, keeping their wild fluctuations. The period of tranquility seems to be over for the BTC, which even seems to have triggered this last downward trend on ‘cryptos’. According to Bloomberg, this is the sharpest correction of Bitcoin since February.
For Michael Terpin, a partner at Alphabit, quoted by Bloomberg, the market is trying to find a floor. Thus, this specialist highlights the technical aspect of the recent decline. People who do graphical analysis look at the historical patterns, and they note that there is one last final capitulation to get the last people out of the market, says the expert. Recall that Bitcoin had reached in December 2017 a historic peak of nearly $ 20,000, before collapsing in the following months. It loses about 70% of its value since these summits. Fears about increased regulation, those concerning the fragility of different platforms in the sector, or recurring debates on the legitimacy of these crypto-assets, were right of what was then a real speculative bubble. The latest sectoral news concerns the ‘split’ of Bitcoin Cash. Two software versions will compete tomorrow to become the dominant channel, says Bloomberg about the ‘BCH’. According to the agency, some ‘miners’ could switch from bitcoin mining to mining Bitcoin Cash, to support a particular version. Also read about bitcoin abc price.