For the first time in the history of cryptocurrency, the price of ethereum has exceeded than that of the bitcoin cash. This is another major setback with statistics from CoinMarketCap showing Ethereum trading at $85.51, whereas bitcoin cash trading at $82.
After the debatable bitcoin cash fork which folded in a hash war giving rise to BCH ABC as well as BCH SV, it is clearly evident that the bitcoin cash has seen some major downfalls in the past month. From falling below $200 to settling down to double digit figures and to finally settling itself below ethereum, the bitcoin cash has seen it all. The hash war could also be somewhat one of the reasons for the uncertain crypto market. As we see the bitcoin is all set to break the price of $3000, the rest of the currencies are also following the negative trend by tumbling down by near about 90% of their all time highs.
The repercussions of the hash war shows that the bitcoin cash slides continuously down though it’s been a month more after the fork. It falls to its existing price level from its pre-fork value of approximately $500. In a rather humiliating situation for the cryptocurrency, Bitcoin SV though losing the BCH exchange ticker to the ABC fork actually exceeded it earlier in the month before slipping to its existing price of $77 at the tie of writing the article.
Along with an 81% downfall in a matter of few weeks, bitcoin cash is also facing legal charges by United America Corporation, a Florida blockchain technology company, claiming that the hostile and calculated deployment of hashing power at the time of the fork is actually a hostile takeover of bitcoin cash by Roger Ver’s Bitcoin.com
The claim made by the company states that a “poison pill” has been seeded in the blockchain giving full control to Bitcoin. com to make decisions of future upgrades and execution.
As the claim of the centralization of bitcoin cash is doing rounds in subdued voices after an article published by a BCH developer last month, accusing the blockchain of forming a mechanism for centralization by deployment of checkpoints in the wake of the hard fork. According to the developer, it is now permissible to innovate without any permission, thus breaching the fundamentals of bitcoin.