Bitcoin Cash faced a massive hash war in the recent past. Analysts expected that Bitcoin ABC days were over with the currency getting completely steamrolled by its opponent Bitcoin Cash Node. But cryptocurrency analysts left surprised as Bitcoin Cash ABC makes gradual progress from rock-bottom.
Sechet Reports 70% Rise In Bitcoin Cash ABC
Amaury Sechet reported a 70% rise in Bitcoin Cash ABC today. This comes after its developer announced that Bitcoin Cash’s client software is set for a new upgrade. This upgrade will be available for both the factions of Bitcoin Cash, namely Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) to avoid potential future hash wars.
This new piece of information has been successful in breathing life into Bitcoin Cash ABC. The currency was thought to be completely dead before this with zero signs of recovery since May. The company has started trading at low base. But this runs against the forecasted demise of Bitcoin Cash ABC.
BCHA Begins Trading At Low-Base
After the hard-fork battle, Bitcoin Cash traded at $11.78 recently, as reported by CoinMarketCap. The currency is showing signs of possible recovery in time with substantial exchange volumes. Bitcoin Cash ABC (BCHA) currently has a market high of $21.00 and a low of $10.50. Analysts claim that the progress is steady after the harsh war. But it will still take some time to climb back up to its initial range. The currency has now settled at the range of $19 low and $20 high.
Simply put, this means a 70% rise in the past 24 hours plus a confidence that Bitcoin Cash ABC is not dead. The trading base might be very little compared to its hash war opponent, Bitcoin Cash Node (BCHN) which is trading at $254.61 daily. The Node version is also referred to as the only Bitcoin Cash nowadays. The Node ticker has been removed and BCHN has become BCH on the majority of exchanges.
BCHA creator, Sechet also mentioned that the BCHA crowd is the best place to be in. He further added that it might be small in size as of now but he would always be loyal to Bitcoin Cash ABC.
In spite of breathing signs from BCHA, the problems still continue. With more cryptocurrency coming into the market and the demand of cryptocurrency increasing by the day, it is becoming more difficult for BCHA to establish ground. Moreover, the lack of block addition and hash power results in mining difficulties. Currently, a BCHA block takes about 7 hours to find. BCHA blocks are not found at normal rates like other cryptocurrencies.
These issues need to be fixed before Bitcoin Cash ABC can be back on the market. In August 2020, the coin launched a 0.22.0 client version that made coinbase changes to avail developer fund. But there have been several controversies regarding this proposal recently.