Ethereum Price has overtaken Bitcoin Cash price for the first time ever. At press time, Ethereum price against the US Dollar (ETH/USD) was trading at US$84.55 and Bitcoin Cash price (BCH/USD) was trading at US$79.26 at Coinbase crypto exchange.
Post Hard Fork Woes Continue for Bitcoin Cash
Bitcoin Cash hard fork took place on November 15, 2018. The contentious fork resulted in a hash war, giving rise to two separate BCH ABC and BCH SV cryptocurrencies. That’s when woes of BCH begun. Over the last one month, Bitcoin Cash has been one of the biggest losers in the falling cryptocurrency market.
The BCH/USD price started dropping from the post-fork price at US$200 to the current double-digit figure. For the first time ever, Bitcoin Cash price against the US Dollar has dropped below the Ethereum price. Currently, the BCH price (trading at US$79.26) is over 5 points below the ETH price (trading at US$84.55).
Most analysts believe that the hash war between the BCH SV and BCH ABC has resulted in the tumbling down of the BCH price. They also believe that it is also partially responsible for the crypto market meltdown. Bitcoin price is hovering close to the psychologically crucial US$3000 level. BTC price is also threatening to break this level down towards the US$2,500 level.
Almost all the major cryptocurrencies have lost around 90% of valuation from their all-time high price. Bitcoin Cash Price has reportedly lost around 81% valuation in just a few weeks time.
More Woes for Bitcoin Cash
A Florida-based blockchain technology company, United America Corporation, has filed a lawsuit against Bitcoin Cash (BCH). It alleges that Roger Ver‘s Bitcoin.com has carried out a hostile takeover of BCH through aggressive as well as strategic hashing power deployment. The lawsuit went on to allege that Bitcoin.com is trying to gain centralized control of the blockchain by planting a “poison pill”. It went on to claim that this pill will help Bitcoin.com to gain the power of gaining decision making control regarding future upgrades as well as implementations.
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