Bitcoin Cash tumbles nearly 30% in a day, as cryptocurrency civil war rages on
Bitcoin Cash’s price comes under pressure, as the forked variants fare better…
Five days ago, the hard fork of the Bitcoin Cash cryptocurrency happened. It has been a very long five days. In the lead up, the civil war that’s engulfed the cryptocurrency markets kicked off, with the opposing sides of said fork fuelling what’s been a brutal week for crypto prices.
The two forks – Bitcoin Cash ABC and Bitcoin Cash SV – continue to be engaged in a ‘hash’ war, of which you can read more here.
For the pre-forked version of Bitcoin Cash, however – and Bitcoin Cash is in itself a fork of the original Bitcoin – it’s been bearing a very heavy brunt.
At its peak this month, it was trading at close to $640. However, by Saturday – the day after the fork – it was at nearly half that amount. Today, though, it’s been the hardest hit of the leading cryptocurrencies, with 30% wiped off its value in the last 24 hours.
It came, ironically enough, following a very small rally, that had seen the price of Bitcoin Cash climb to just over $308, having at one stage dropped below $240 this week. But that climb was false hope, and the fall has been fast and brutal. It’s now trading back where it was, around $245. Bitcoin Cash ABC and Bitcoin Cash SV, meanwhile, both had more positive days (with Bitcoin Cash ABC one of the few coins that’s gone green at CryptoCompare’s coin tracker).
The battle rages on, and it’s knocked Bitcoin Cash out of the top ten coins by total volume over the last 24 hours. It turns out a day is a long time in crypto, never mind a week…