Bitcoin Cash Faces a Drop in Price
Bitcoin Cash has lost some of its value recently. If you are not familiar with it, Bitcoin Cash is the most well-known Bitcoin hard fork. To explain the term further, a hard fork is a change from the previous version of the blockchain. The new system no longer accepts nodes running the earlier version of the blockchain, splitting it in two directions: one version, following the new rules and the other that remains the same.
The cryptocurrency market price fell from 1,167.5 on Sunday to a $991,46 at 13:43 CEST time, today. Even though the whole of the crypto market is moving down, Bitcoin cash experienced even steeper drop than most currencies.
Controversy Surrounding BCH
The Bitcoin hard fork is one of the most controversial in the crypto community since it’s supporters insist on calling it the real bitcoin. That often confuses new investors and angers the more experienced ones. All that commotion leads to a larger fluctuation in price.
Koyen, the CEO of 360 Blockchain USA expressed those circumstances as the main reason behind the larger price drop.
Despite the drop, most of the more experienced commentators on the subject don’t see anything unusual going on right now. “The crypto-wide headwinds feel typical to me. There’s some news here, some news there — but nothing earth-shattering that I’ve noticed.” Said Jef Koyen.
“It’s all standard noise,” agreed Charles HayterChief executive officer of one of the biggest cryptocurrency data platforms, CryptoCompare.
Marshall Swatt who is the founder of Swatt Exchange highlighted another matter altogether, mentioning the recent meeting where Bitcoin Cash miners proposed offering a partial amount out of block rewards to back various activities.
His statement is as follows:
“Bitcoin cash’s miners met recently to discuss whether to reallocate some portion of mining rewards to developers. That could be a sign that BCH is struggling to gain much traction or grow its engineering and compete with all the other offerings.”
Bitcoin Cash is Still a Success Story
Even though the Bitcoin Cash has its challenges, the cryptocurrency has succeeded where many other currencies have failed. After nine months since the fork that happened in August 2017, Bitcoin Cash still resides in the top 10 cryptocurrency spot based on its market value. It is currently in the fourth spot on Coinmarketcap.