Market Analysis

BCH value adds 10 percent subsequent to the announcement about hard fork

BCH value adds 10 percent subsequent to the announcement about hard fork
Nov 3, 2018 by Rico Wise

Within the upcoming couple of weeks, according to the announcement made by Binance and Bitcoin.com, two dominant digital currency companies, Bitcoin Cash is set to perform a hard fork, which triggered a sudden rally for the digital asset.

Similar to the majority of the cryptomarket with large market capitalization, BCH, the #4 largest digital currency, displayed unusual stability over the last period, trading at approximately 425 USD for the most part of yesterday. Nevertheless, closer to the evening, the asset took mere minutes to surge by 10 percent, and trading at 465 USD subsequent to a slight correction.

The rally brought the asset to the second place in the top-100 best performing digital currencies, following only the Ravencoin as of press time.

The price surge matched with two different news from dominant digital currency companies, Bitcoin.com and Binance, revealing their means of approaching the upcoming hard fork of Bitcoin Cash, which is about to happen due to the conflict regarding the activation of certain tech upgrades on the network. The hard fork might have unpleasant consequences, as BCH blockchain might endure the competition of several different versions of the asset’s protocol.

The most dominant cryptoexchange, Binance, and Bitcoin.com, the website promoting the BCH digital currency, have both proclaimed to support the version of the Bitcoin ABC dev crew, as opposed to the alternative release promoted by Craig Wright, the nChain company associated with him, and CoinGeek, the cryptomining pool operator.

According to the statement of Bitcoin.com, its cryptomining pool, digital wallet, block explorer and various other services will all operate the Bitcoin ABC client.

The announcement made by Binance cryptoexchange provided less clarity to the intentions of the company, claiming to support the BCH fork, although not pointing out which client version(s) it plans supporting. Nevertheless, a highly important detail is that Binance referred the customers to the “official announcement”, providing a link to the bitcoincashorg GiHub repository, which, in turn, points at the ABC client.

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