The cryptocurrency industry has seen plenty of dubious developments over the past few years. This seems to pertain specifically to exchanges who either do not allow users to access forked currencies after a split, or decide to label currencies as something they are not. For some reason, major exchanges now treat BCHABC as the “default Bitcoin Cash”. A controversial decision, albeit one that also makes sense.
BCHABC is, in Theory, Bitcoin Cash
There are always two sides to every argument when controversial decisions are taken.
There are still some intriguing aspects about the Bitcoin Cash hash war to highlight. As neither network can gain a major edge over the other, a lot of enthusiasts have begun looking beyond the number of blocks and actual hashrate. It is evident BCHABC miners are creating very small blocks, whereas BCHSV blocks effectively have a decent size.
It’s Not Just About the Number of Blocks
The concept of “my blockchain has more blocks than yours’ is an interesting one, albeit one that can also be rendered utterly pointless fairly quickly.
It has been a good week for XRP, all things considered. Even though all markets once again lost value, the XRP trend is still rather promising. Its value at $0.5 seems to hold its own quite well, and there are still net gains to be noted in both USD and BTC value. A very strong showing which, according to speculators, will only intensify.
Keeping the XRP Price Trend Alive
Many people expected the XRP price to come down again after its recent uptrend.
Bitcoin Cash, the “big block” project that forked away from the Bitcoin blockchain in August 2017, “hard forked” (split) into two different coins: “Bitcoin Cash ABC” (BCH ABC) and “Bitcoin Cash SV” (BCH SV).
At the time of writing, the Bitcoin Cash ABC chain has more accumulated proof of work, and its native currency, BCH ABC, is trading higher on (futures) exchanges.
It has been an interesting weekend in the world of cryptocurrency trading. BCHSV, also known as Bitcoin Satoshi’s Vision, is going through a very steep correction once again. Its value continues to decline in both USD and BTC value. The preemptive celebration among BCHABC holders as becoming the “new” BCH will only intensify this market pressure.
BCHSV Price Continues to Struggle
While it is not uncommon for alternative currencies to lose a fair bit of value over the weekend, BCHSV is a bit of an odd creature in this regard.
Not too many people have high expectations for the Bitcoin price at this time. That is not entirely abnormal, primarily because the value per BTC has gotten battered quite a bit throughout 2018. Even so, the speculators are still confident some exciting trends will materialize in the coming days and weeks. Whether that will be for better or worse, is a different matter altogether.
Temporarily Breaking Through to $5,900
For most people who have no technical expertise to evaluate charts, it seems to be a matter of time until the Bitcoin price goes down even further.
Bitcoin Cash went through its hard fork on Thursday, November 15 at 17:52 UTC after the mining of block number 556,767. Almost two days later, the two factions that remain are Bitcoin ABC and Bitcoin SV. While SV had the lead in mining power before the split at over 70 percent, the tables turned immediately the fork activated and ABC took the lead straight away. ABC has held on to that lead, at one point being 50 blocks ahead. However, SV has been quickly catching up in the past 24 hours, at one point being only 6 blocks behind.
A lot of interesting price momentum can be found within the cryptocurrency and digital asset industry as of right now. More specifically, a lot of people keep an en eye on the XRP price, although Stellar’s XLM is also doing a great job at the same time. This makes for a very competitive market first and foremost, and it also helps all other markets recover a bit moving forward.
XLM Price Hits $0.25 Again
For most digital assets and altcoins, the year 2018 has been filled with numerous ups and downs.
At press time, the price of everybody’s favorite cryptocurrency has fallen back a bit to the $5,400 range. Yesterday, the currency was trading at just over $5,500, though it appears it’s found more comfort at a lesser spot.
One of bitcoin’s biggest bulls has been Tom Lee of Fundstrat fame. Lee has repeatedly commented throughout 2018 that bitcoin will be the subject of a major bull run that will take it up to $25,000 by the end of the year.
Although most people are mesmerized by the Bitcoin Cash spectacle, there are other developments to keep an eye on. Slowly but surely the XRP keeps inching closer toward that $0.5 goal once again. A solid uptrend in USD and BTC value proves this asset has no correlation with Bitcoin’s moody swings these days.
XRP Price Trend Looks More Bullish
When looking at the current market cap rankings one particular aspect may still seem out of place.
Plenty of cryptocurrency enthusiasts enjoy this ongoing battle between BCHABC and BCHSV. Although the “protocol upgrade” of Bitcoin Cash has gone according to plan, the end result so far is not entirely clear by any means. Both chains are still forging ahead, although it seems to be a matter of time until SV overtakes ABC in total hashpower.
The Hash War Heats Up
A very interesting correlation is happening between the hashrate of BCHABC and BCHSV.
Cryptocurrency exchanges are seemingly convinced BCHABC will remain the predominant chain of Bitcoin Cash following the network split. Although things look to be in favor of this implementation, both Bittrex and Coinex are taking a very controversial stance. They let users trade BCHABC tokens as “BCH”, even though nothing has been permanently decided in this regard as of yet.
Premature Actions by Exchanges?
The Bitcoin Cash hard fork and subsequent network split have caused quite a stir.
One of the main points of concern following the recent Bitcoin Cash hard fork and subsequent network split is the lack of replay protection. In theory, the SV team would be able to reorganize the ABC chain if they ever intended to do something nefarious. That is no longer a possibility, as the ABC developers introduced a checkpointing system. While that is a solid decision, it has also received a lot of flack over the past few days.
The BCHABC Checkpointing System
When two “versions” of the same blockchain exist, an interesting situation is created.
As the Bitcoin Cash struggle for control rages on, a lot of eyes are on the individual prices of BCHSV and BCHABC. Depending on which exchange one uses, BCHABC may even be labeled as BCH these days, which makes things even more confusing. One notable trend is how the BCHABC price is effectively decreasing as of late, which puts a different spin on this ongoing debacle.
BCHABC Price Faces a Major Struggle
A very interesting battle between BCHABC and BCHSV is going on.
It has been a while since the cryptocurrency world saw a good stress test. Doing so on either Bitcoin’s or Ethereum’s blockchain would undoubtedly cripple both networks in quick succession. For supporters of BCHABC and BCHSV, a stress test will occur later today. Both networks will be pushed to the limit, assuming neither chain decides to refuse these spam transactions.
The Bitcoin Cash Main Event Stress Test
One has to commend the supporters of the original Bitcoin Cash for willing to put the network through its paces on a regular basis.
A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest.
Bitcoin Cash Value Fluctuates Heavily
Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish.
Under the current market circumstances, no real uptrend can be expected among major cryptocurrencies. As the total market cap continues to decline every single day, it is evident this latest slump may not be overcome that easily. For Electroneum on the other hand, things are not looking all that bad. Its value is in the green, and a re-entry into the market cap top 50 is very likely.
Electroneum Price Shows Promise
Considering how nearly all currencies in the top 50 are either in the red or barely in the green, there is not much to be excited about at this time.
Now that the Bitcoin Cash hard fork has successfully completed 24 hours ago, the battle lines have been drawn. While the total picture still remains a mess, it seems safe to assume the Bitcoin Cash as people know it is pretty much dead. BCHSV and BCHABC are still vying for control, albeit the outcome still remains rather unclear. On the price front, interesting changes have become apparent as well.
BCHABC Price Tanks as BCHSV Rises
No one will be surprised to learn the value of BCHABC has taken a bit of a backseat.
It has become apparent a lot of projects are not too happy with Etheruem’s infrastructure right now. More specifically, a lot of developers are either pursuing a multi-chain approach or simply move their project to a completely different ecosystem in the process. Kik is the latest to do so, as the project will go with Stellar for its product launch.
Another Project Ditches Ethereum’s Infrastructure
For the Kik team, their venture into blockchain and cryptocurrency has been a pretty interesting one.
There has been a massive influx of stablecoins in the cryptocurrency industry. The purpose of these currencies is very simple: maintain their peg to the US Dollars at all times. Surprisingly, that is a very difficult task for nearly all stablecoins, especially during these volatile times. None of the current stablecoins on the market can effectively do so without interruptions.
The Stablecoin Conundrum Intensifies
It is quite interesting to see how volatile stablecoins can get despite their “guaranteed” backing by $1 at all times.
There has been a lot of talk about Basic Attention Token over the past few weeks. Its rumored listing on Coinbase triggered a major price increase. That was followed swiftly by a market dump as trading on Coinbase effectively began This week, things are looking a bit better, primarily because there is a new uptrend shaping up across the board. An interesting trend to look out for heading into the weekend.
Basic Attention Token Price Improves Slightly
It is evident there are still plenty of people who hold Basic Attention Token following the most recent Coinbase listing pump.
Even though most of the top cryptocurrencies continue to struggle right now, one has to look well beyond the top five currencies at all times In the case of Dogecoin its value has soared pretty nicely in the past few hours, and it seems the push to $0.003 is still in effect. That is pretty interesting to keep an eye on, especially when considering how so many markets continue to struggle first and foremost.
Dogecoin Price Makes Some Good Moves
It is always refreshing to see how things evolve in the cryptocurrency world.
It has been an interesting week in the cryptocurrency industry, although not necessarily for reasons one might expect. More specifically, the Bitcoin Cash price is getting battered, as that has everything to do with the hard fork and associated hash war. As such, one has to wonder if anyone is even winning based on the developments. So far, the “winner” remains unclear, and the future of Bitcoin Cash is anything but decided.
Bitcoin Cash Price Continues to Decline
No one should be really surprised to learn things are not looking too great for Bitcoin Cash in the price department.
Gabor Gurbacs is confident that the approval of a bitcoin exchange traded fund (ETF) is inevitable. And he’s optimistic that the VanEck SolidX Bitcoin Strategy will be the first to deliver one to the world.
The director of Digital Asset Strategy at VanEck/MVIS, Gurbacs, as of late, has become a leading voice on the space’s ETF pursuit at a time when industry chatter on the topic has never been louder. If you haven’t found him extolling the benefits of a bitcoin ETF on Twitter, you may have come across his interviews on Anthony Pompliano’s podcast and Ran Neu-Ner’s Crypto Trader show for CNBC Africa.
The Lightning Network continues to post steady growth.
According to data from 1ML, the network is now supported by roughly 4,070 nodes, which house just over 12,500 payment channels, an average of 10.91 channels per node (at time of publication). Most of this growth has come in the later half of 2018, as the average age of each node is just 137 days old.
With infrastructural growth, the network is also seeing an uptick in liquidity.
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