The long awaited Bitcoin Cash update finally started yesterday on the 15th of November as scheduled by the network. Already, many members of the cryptocurrency community predicted that this update will lead to a network fork. A few hours after the fork started, Bitcoin ABC was taking the lead ahead of Bitcoin SV. This was calculated based on the number of nodes on the network and the hash rate. At that time, Bitcoin ABC was 12 blocks ahead of the 41 blocks that had been mined.
Bitcoin Cash Upgrade And The Industry
Months ago, a war between developers within the Bitcoin Cash community started. On one side, there were developers who supported an update to Bitcoin ABC. On the other side, there were those who believed Bitcoin SV is the only required protocol update. While there were other proposals, these two were the dominating ones. The fact that Bitcoin ABC is taking the lead now is not a surprise. This is because it gained more popularity than Bitcoin SV even before the fork.
Bitcoin Cash (BCH) Price Today – BCH / USD
The ABC in Bitcoin ABC represents Adjustable Blocksize Cap. The developers who came up with this protocol claim that Bitcoin Cash has a sound basic structure and there is no need for radical changes. The upgrade was geared toward giving node operators the power to manipulate their block size limit and removing software bottlenecks.
The Bitcoin ABC protocol is supported by many known figures in the industry including Roger Ver. Bitcoin SV has Craig Wright as its number one supporter. Craig and his camp claim that the entire structure of Bitcoin Cash needs to be changed radically. The SV update promises to overwrite the scripts of Bitcoin ABC while increasing the block size to 128MB from 32MB.
During the dispute, Wright and Jihan Wu, Bitmain’s cofounder, got into a heated verbal argument online. Wu accused Wright of being a spy for Blockstream. Wright, has also had confrontations with Roger Ver in which he accused the Bitcoin Cash pioneer of being an advocate of child pornography, and Silicon Road machinations. He also said that Ver and Wu were both bankrupt.
Because of the update, cryptocurrency exchanges have halted all BCH related transactions. Neither deposits, trading or withdrawals are current available for the BCH coin. While the feud between developers is mainly in the BCH community, if it continues, it will eventually affect the entire industry. A split will affect the entire BCH network
Bitcoin Cash (BCH) Price Analysis
Within the past 48 hours, the price of Bitcoin Cash has declined significantly against the USD losing over $100. The bears seem to have a strong foothold around the $450 mark. While it is still hovering above the $400 level, it may fall below this level before the hardfork is over. However, a minor bullish rally is expected to resume shortly after the fork.
At the time of writing, BCH was trading at $420.67. This shows that it is down by 1.27% against the USD and down by 1.11% against Bitcoin. The trading volume over a 24 hour period is $923,810,041 and the total market capitalization of BCH is $7,345,268,170. The next few days after the fork is complete will determine if the price will continue trading in red or the bulls will resume control of the market.