One month has officially passed since the bitcoin cash blockchain underwent a hard fork on November 15, resulting in the creation of two distinct networks.
They’re now commonly referred to as Bitcoin Cash ABC and Bitcoin SV. Yet in the weeks that followed the mid-November fracture, there is still no favorite in terms of overall price.
Bitcoin cash is designed in such a way that, every six months, its users must ‘fork’ the blockchain and adopt a software upgrade with changes determined by the project’s open-source software developers.
If the developers and miners reach consensus as to what the upgrades should be, the main chain stays intact and simply adopts the software upgrade known as a ‘soft fork’.
All bitcoin cash forks had fallen under the ‘soft’ category, but circumstances were different with the latest fork. This time around, the upgrades could not be agreed upon and tension grew among developers, so the main chain experienced a divisive hard fork – in other words, it split into two separate chains with their own cryptocurrencies.
Since the fork, both BCHABC and BSV have been trading on public cryptocurrency exchanges like Binance and Coinbase, but after 30 days of wild volatility and drastic swings in hash power, their prices stand just $10 apart.
Where are they now?
Bitcoin cash prices reached a peak of $621 in November but had fallen 32 percent to $421 on Nov. 14, the day before the scheduled fork. according to CoinDesk’s pricing data.
After the split, the two newly created cryptocurrencies bitcoin cash ABC and Bitcoin SV hit the market and began trading at $295 and $90 respectively on the Binance exchange.