The price of ether has surpassed that of bitcoin cash for the first time ever, becoming the latest negative milestone in a tumultuous few weeks for the world’s fourth-largest cryptocurrency by market capitalisation. According to data from CoinMarketCap, Ethereum traded at $85.51, while bitcoin cash traded at $82 at press time.
bitcoin Cash Post-Fork Woes
Following the contentious bitcoin cash fork which culminated in a hash war that gave birth to BCH ABC and BCH SV, bitcoin cash has been one of the biggest in the crypto market over the past month, first dropping from its post-fork price of $200, then dipping into double digits for the first time before eventually falling behind ethereum as well. The instability sparked by the hash war is also widely credited with being at least partially responsible for the end of year crypto market rout that has seen bitcoin threaten to break $3,000, with practically all major cryptocurrencies down at least from their all time high valuations.
Last week CCN that in the aftermath of the hash war, bitcoin cash has continued its downward trajectory more than a month after the fork, falling to its current price level from its pre-fork value of nearly $500. Embarrassingly for the cryptocurrency, bitcoin SV which lost the BCH exchange ticker to the ABC fork actually it earlier in the month before falling away to its current price of $77 at press time.
In addition to an 81 percent drop in the space of a few weeks, bitcoin cash is also facing a by United America Corporation, a Florida bitcoin technology company which alleges that the aggressive and strategic deployment of hashing power during the fork constitutes a hostile takeover of bitcoin cash by ‘s bitcoin.com. According to the lawsuit, a “poison pill” has been planted in the bitcoin that effectively gives centralised control to bitcoin.com by giving it power to make decisions of future upgrades and implementations.
Whispers about the alleged centralisation of bitcoin cash continue to circulate in the wake of an published by a BCH developer last month which accused the bitcoin of creating a mechanism for centralisation through the deployment of checkpoints in the wake of the hard fork. According to the pseudonymous developer, it is now possible for permissionless innovation on the platform to be sidelined in favour of wormhole, which violates the basic principle of bitcoin as a decentralised and trustless network.
Click for a real-time ethereum price chart or to review our latest crypto market coverage.
Featured image from Shutterstock.
Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free.
Published at Mon, 17 Dec 2018 06:16:35 +0000
