Bitcoin Cash [BCH], the fourth largest cryptocurrency in terms of market cap, has been on the downtrend while all the other cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have started their ascend upwards.
At the time of writing Bitcoin Cash was sliding by 6.93% with a total market cap of $7.106 billion. The slide also gave BCH the title of the only coin subject to the bear attack in the top ten cryptocurrency club. The cryptocurrency was trading for $406.99 with a 24 -hour market volume of $749.068 million. A majority of the trade volume was held by OKEx with a grasp of $116.096 million of the entire BCH trade.
OKEx was followed by Coinbit, on which $73.945 million worth of BCH trade was taking place. Bitcoin Cash’s fall comes in the wake of the much talked about hard fork that had occurred just a few hours back. The fork resulted in two chains, one called Bitcoin Cash ABC while the other one is called Bitcoin Cash SV. A press time, a total of 154 mines were mined under the new consensus rules where Bitcoin ABC was in the lead by 39 blocks.
The Bitcoin ABC team is led by Bitmain’s Jihan Wu and Bitcoin.com’s CEO, Roger Ver. On the other side, nChain’s Craig Wright and Calvin Ayre had teamed up to make Bitcoin Satoshi Vision a reality. Roger Ver, who has been quite vocal about the fork or quite some time had earlier said that the fork will not create much of an aftereffect in the Bitcoin Cash network. He stated:
“Most of the arguments on the network are about operation aspects rather than fundamental differences. Apart from the disagreement on the blockchain size implementation, almost everyone agrees that BCH should be used as the world’s currency.”
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