Bitcoin Cash was previously the fourth most-largest cryptocurrency token by market cap. In November, it underwent a hard fork and split into two different Tokens, Bitcoin Cash ABC, and Bitcoin Cash SV, (SV being short for Satoshi’s vision.) Although Bitcoin Cash ABC will continue to follow previous protocol, Bitcoin SVs updated and follows a new set of rules.
While the Bitcoin Cash chain has successfully forked into 2 blockchains, and both tokens are trading on different exchanges, they were both in strong competition with each other for survival by gaining dominance over the Hash power. It appears as though, Joseph Young, popular cryptocurrency analyst and investor pointed out that just a day after the forking, Bitcoin Cash ABC had moved ahead with the hashwar, as it had more has power, more activity and a higher price.
With the recent crypto rally, Bitcoin Cash ABC has actually bounced back significantly, especially after its price surge by more than 40 percent. Bitcoin Cash ABC’s market cap has jumped from $1.32 billion to $3.7 billion. Even Bitcoin SV has seen significant gains, increasing its token price by 18 percent. Despite Bitcoin SV’s gains, it appears as though, the token have proven unpopular for those in the community. Many believe that it’s too centralized, while others have difficulty trusting Wright, calling him Faketoshi.
Let us know what you guys thought of the Bitcoin Cash split.
Do you think Bitcoin SV will continue to perform well in the market? Or do you think Wright’s dictatorial approach towards the crypto community will lead to its demise?
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