After a month, Bitcoin Cash has split again. Though forks are enough to make investors nervous, the returns have been stable, compared to trading after the Bitcoin SV hard fork.
Bitcoin Cash’s price has risen to 15% in the previous month and over 4% in the past 24 hours, to reach $290.
Bitcoin Cash split into two chains last November 15. By having the most hash power, BCHN has taken on the BCH title.
Two years ago, on November 15, 2018, the Bitcoin Cash blockchain split into Bitcoin Cash and Bitcoin SV due to a disagreement about how big the blocks will be – and how many transactions they can accommodate.
Although Bitcoin SV emerged as the smaller chain in terms of hash power, it engaged in a risky, winner-take-all hash war with BCH, with mining groups transferring resources from different blockchains to the preferred side.
Bitcoin SV surrendered and agreed to cooperate with BCH.
However, as a result, BCH trading around that period was unstable. On November 5, 2018, BCH was worth $627.70. Then it plummeted to $293.19 on the day of the split, and after a month, it was at $79.90. For the best part, Bitcoin SV is now trading for $169.
The current run of good numbers indicated that the latest hard fork might have been a blip. But unlike Bitcoin, BCH remains far from an all-time high of $3,719, which it hit on December 19, 2017, just a few months after splitting from Bitcoin. Furthermore, Bitcoin is developing faster; its price increased by 20% in the previous month.
To put it merely, BCH is treading water.
With the hard forks in the past three and a half years, Bitcoin Cash developers, miners, and users need to practice compromise to continue in the right direction.