Bitcoin Cash (BCH) Rally Extends on Hype over Possibility of Two Chains
BCH broke the $600 barrier as Craig Wright keeps pushing the Satoshi’s Vision version of Bitcoin Cash to compete with the updates of Bitcoin ABC.
Bitcoin Cash (BCH)extended its rally, boosted by the conflict that surrounds the upcoming November 15 hard fork. The price grew with sudden jumps in the past 24 hours, at one point going above $630.
BCH has extended its weekly gains by 47%, adding another 10% to its price in the past day. In the past week, trading volumes grew significantly, rising roughly four times to $1 billion in 24 hours.
The prices follow the conviction that the blockchain would split, with enough mining pools to create a new coin. This would translate into potentially owning assets on the new chain. While it is unknown how the new version would trade, it is possible the network has some value.
In the meantime, Craig Wright has upped the ante, creating a brand for his version of Bitcoin Cash by calling it SV, which stands for Satoshi’s Vision:
https://twitter.com/ProfFaustus/status/1059916376578646016
With the upcoming fork and different tracks, Bitcoin Cash will, in fact, have its first high-profile, contentious hard fork. In this, the Bitcoin Cash network has shown it can follow the path of Bitcoin, which was forked multiple times last year, with almost all projects claiming they were somewhat closer to Satoshi Nakamoto’s original idea.
But in the case of the BCH hard fork, expectations include a scenario in which Bitcoin Cash SV may displace the Bitcoin ABC version, which has made contentious updates. The fight between the two networks may include testing the loyalties and capabilities of mining pools:
https://twitter.com/ProfFaustus/status/1059879055829491712
For now, the long-awaited Bitcoin Cash ABC update is supported by most exchanges and exchange services.
The price spike caused by the November 15 deadline is also extremely risky, with traders seeing the potential for rapid unraveling as one possible scenario. Others allow for continued growth even after the November 15 update and a potential chain split.
For now, the trading momentum continues to drive the prices upward, also aiming for the range of 0.09 BTC. In the past, BCH managed to stabilize at 0.1 BTC, and the new rally may see the forked coin gain ground on the leading digital asset.
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