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One month has officially passed since the bitcoin cash blockchain underwent a hard fork on November 15, resulting in the creation of two distinct networks.
Yet in the weeks that followed the mid-November fracture, there is still no favorite in terms of overall price. This time around, the upgrades could not be agreed upon and tension grew among developers, so the main chain experienced a divisive hard fork — in other words, it split into two separate chains with their own cryptocurrencies. The difference between the two narrowed as the month elapsed, so much so that Bitcoin SV was able to take a brief price lead on Dec.
As a result, the two forks depreciated greatly in price. While the long term success of BCHABC and BSV will likely be dictated by usage and hash power, technical analysis can be applied to their price charts so a more immediate direction of the assets prices can be anticipated.
Based on the large size of the triangle pattern, it seems the lower support level is likely to be reached although the oversold conditions seen on the intraday relative strength index RSI may slow the fall. There is less to glean from the BCHABC chart since it has been in a steady, near 80 percent downtrend ever since hitting the market. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Where are they now? Looking forward While the long term success of BCHABC and BSV will likely be dictated by usage and hash power, technical analysis can be applied to their price charts so a more immediate direction of the assets prices can be anticipated.
Read more about Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
Bitcoin ABC and Bitcoin SV go head to head, but who will win?
The Bitcoin Cash hard-fork on November 15,resulted in two coins. Bitcoin Cash BCH came into existence in Augustbut the fundamental argument behind its emergence traces back to the origins of Bitcoin BTC itself — the scalability debate. As early as Aprilthe block size limit already formed a debating point on the Bitcointalk online forum. At the time, with Bitcoin still in its infancy, the 1MB block size limit meant that the blockchain would have problems scaling once the network effect grew more nodes on bitcoinn blockchain. Fast forward to with the BTC price and popularity growing; the network began to experience transaction backlogs. Around Maysome users complained of having to wait several days before their transactions could be confirmed on the network.
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