The amazing plummet of Bitcoin Cash (BCH) since its highly publicised hard fork some weeks ago, continues, as the cryptocurrency records an unwanted history.
Ethereum Surpasses BCH
For the first time in history, the price of Ethereum has painstakingly nipped one over BCH, with the landmark being made today.
The late bear of 2018’s cryptocurrency market has largely affected the majority of all popular cryptocurrencies on the market, as prices and valuation keep plunging below murky waters. Bitcoin has struggled to shake off the hold of the $3000 mark, and many crypto enthusiasts are not too optimistic that Bitcoin would not finally drop beyond 3000 USD. It is amidst the global bear that Bitcoin Cash seems to be having it worse than Ethereum. BCH would hit double figures for the first time in years since its $200 valuation after the hard fork. As of this morning, BCH-ABC, the slightly favoured version of Bitcoin Cash, sunk to $83.07 beyond Ethereum’s price valuation of $86.76 according to CoinMarketCap.
Ethereum has experienced its share of losses and hits in the later part of the year too, but many of its enthusiasts are still far from pessimistic as developments, and use of Ethereum’s blockchain network continues to increase. Investors are being haunted by the underperformance of the year’s cryptocurrency market, but the rate of adoption of Ethereum’s blockchain and the number of dApps being implemented on it has given some investors an optimistic light.
Steven Nerayoff, Ethereum’s co-creator, boldly predicted that Ethereum’s market capitalization which is currently valued slightly above $9 billion, would very much reach $110 billion in the next few years. Considering the number of products being implemented daily on Ether’s blockchain, Nerayoff believes he is not far off from reality.
Nigel Green, founder and CEO of deVere Group also echoed a similar sentiment earlier in October, has he cited Ethereum’s blockchain to be its major weaponry. He said:
“Another one to dent Bitcoin’s market share over the next few years, would be its current main challenger Ethereum. This is because a growing number of platforms are adopting Ethereum as a means of trading; there’s an increasing use of smart contracts by Ethereum; and due to the decentralization of cloud computing.”
BCH Split causing a Division?
More than a few observers have pointed to the recent hard fork of Bitcoin Cash as the reason behind its downhill spiral. Following its hard fork last month, the disparity between the two tickers BCH-ABC and BCH-SV has not helped matters.
None of the two tickers has emerged a clear favourite though, as the two tickers continue to bob about a $10 difference.