Bitcoin Cash (BCH) falls from its high pedestal to sink below Ethereum market’s cap for the first time, and its future doesn’t look as bright as its political hash wars continue.
Fight to Death
Bitcoin Cash’s hard fork from Bitcoin got a taste of its own proverbial discord after it became the subject one of the most interesting hard forks last year November. The split into Bitcoin Adjustable block size (Bitcoin Cash ABC) and Satoshi Vision (Bitcoin cash SV) was as political as was technical.
The recent slump of the more prominent BCH ABC to $122 below Ethereum only proves the hard fork has not favored any of the two parties involved. Bitcoin Cash Satoshi Vision which was pushed and proposed by influential figures in bitcoin community such as Craig Wright (popularly referred to as Fake Satoshi) and Roger Ver.
The two tickers are expected to remain in the market for a long while given their significant backings which makes the split more curious and pointless (as pointed by some critics). While a hard fork is supposed to produce a dominant and less dominant ticker that sees the weaker one die and go off the chain from little to no support, it has rarely been the case since BCH’s fork.
BCH ABC is currently backed by Bitmain, the biggest mining manufacturer of Bitcoin miners, while the SV version is backed by CoinGeek, probably the biggest BCH mining pool in the world. Bitmain’s founder Jihan Wu made a statement that just as proved the hashing war is more political than any ever seen; it remains to be seen if it is a good or bad development.
“I have no intention to start a hash war with [Craig Wright], because if I do […] BTC price will dump below yearly support […], But since [Craig Wright] is relentless, I am all in to fight till death!”
Well, the two tickers might just be strolling to death; given Bitcoin SV’s market valuation is barely more than a $1 billion.
Cause of Optimism
Bitcoin Cash might be trading below fellow minions like Ethereum, Litecoin, and EOS at the moment, but the slump might come out as temporary on the long run, and likely forgotten by the end of the year. BCH’s continuous push for better scalability and its plan to launch the Avalanche gossip protocol to increase its capacity would surely win over the crypto community in the future.