For people looking at Bitcoin Cash, things will undoubtedly look incredibly confusing as of right now. The current market momentum seems to make no sense whatsoever, but it is evident things may continue to change in the coming days. The looming hard fork is successfully dividing the community, and a lot of speculators are simply bailing until things calm down.
Bitcoin Cash Price Decline Worsens
It is not entirely surprising to see the Bitcoin Cash price decline at this crucial stage. The ecosystem will undergo a hard fork next week which will, effectively, split the network into two separate camps. Craig Wright’s vision of Bitcoin Cash is suddenly getting a lot of economic support in pre-fork market trading, whereas the main ABC developers are quickly losing ground.
All of these developments have resulted in a massive Bitcoin Cash price decline. A net 6.4% loss in SUD value and a 45.8% loss over Bitcoin further confirm things are not looking all that great for BCH> It is expected this onslaught will continue for some time to come, and the BCH value may effectively drop below $500 unless some sort of stability is found all of a sudden.
Looking at social media, all discussions pertaining to Bitcoin Cash are quite interesting to keep an eye on. The upcoming fork is a topic of substantial debate. Alex Kral is convinced Bitcoin Core supports are working together with Craig Wright to destroy the “real” Bitcoin Cash. A very serious allegation which is not based on any solid evidence.
For sure… Core has a mission to destroy #BCH . No doubts about that.
That is why they are trying to help CSW destroy it now… It is a huge battle for the future of honest money
— Alex Kral (@kralux) November 11, 2018
One particular development in terms of Bitcoin SV’s growing network support is which pools are mining blocks supporting this protocol. Mempool is suddenly getting in on the action, which is pretty interesting to keep an eye on. CoinGeek, OKminer. ViaBTC, and SVPool are also on board. A very interesting development, although it remains to be seen what the future will hold for this particular fork as time progresses.
Mempool hashing with bitcoin SV Nodes👍👍🚀#bch #bitcoin #bitcoincash #bitcoinsv #bsv pic.twitter.com/9EqCvchOat
— Steve chatter (@stevechatter_) November 11, 2018
The rise of BCHSV on Poloniex’s pre-fork trading markets has not gone by unnoticed by any means. In fact, the value has been very significant, especially when considering how BCHABC is suddenly facing a massive setback. If this trend keeps up, things will get even more interesting when the actual fork occurs.
#BCHSV silently mooning on #Poloniex. Release the @ProfFaustus memes!#BCH #BitcoinCash #cryptomemes #bitcoinmemes #memes pic.twitter.com/stojpvLg7x
— Petite$uze (@PetiteSuze) November 11, 2018
With all of these developments in place, it seems to be a matter of time until Bitcoin Cash stabilizes in value. At what level that will be exactly, is very difficult to predict right now. Remaining above $500 will be a major challenge first and foremost, although anything can happen in the cryptocurrency industry. Overcoming these deficits will be incredibly difficult, though.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.