Bitcoin Cash Up 28% Over Weekend as BCH Holders Hedge Hardfork Bets
Bitcoin Cash (BCH) continued to surge over the weekend in anticipation of its upcoming hardfork, scheduled for November 15th. The value of BCH is now up 28% since the surge began on Friday, and has gone on to exceed monthly highs in the process.
The source of the surge is widely believed to be the result of BCH holders hedging their bets in anticipation of the upcoming hardfork. When the hardfork hits just over a week from now, BCH holders will receive a new coin on a 1:1 ratio, and many who would not otherwise have bought BCH may now be buying in purely to take advantage of this scenario.
BCH/USD Spikes 28%
From Friday’s low of $425.20, the price of BCH rose to $547.99 over the course of the weekend. That 28% surge carried the coin past its monthly high, and as of Sunday morning it continues to move.
Trade volumes for the coin exploded to close to $1 billion during the surge, a sum which stands three times the volume of XRP, the coin ranked in front of BCH by market cap. The majority of BCH volume for Sunday came from BCH/USDT pairs on OKEx and Digifinex.
Binance and Bitcoin.com
With two competing improvement protocols being proposed by the Bitcoin Cash community, the wider cryptocurrency space will have to choose which one they support. This has been seen in multiple hardfork scenarios in the past – not least in the inception of Bitcoin Cash itself.
Currently, the two protocols aiming for implementation are Bitcoin ABC, backed by BCH enthusiast and standard bearer, Roger Ver; and Satoshi Vision, backed by self-proclaimed Satoshi Nakamoto, Craig Wright.
Binance and Bitcoin.com have both declared their support for the Bitcoin ABC version of the blockchain. Binance will facilitate the coin swap for BCH holders on its exchange, while Bitcoin.com’s wallet services and other features will also align with the Bitcoin ABC vision.
Ledger Waits for Winner
According to hardware wallet provider Ledger’s Medium blog, BCH services will be suspended on the Ledger wallet until a clear winner has been announced. As per the blog:
“The Bitcoin Cash fork has originated from conflicting consensus changes between different Bitcoin Cash development teams. As no consensus was reached, a hard fork will occur on the 15th of November around 4:40 PM GMT (epoch 1542300000), resulting in several separate Bitcoin Cash chains. Eventually, one of these would be the dominant chain, which we will evaluate to support again then.”
Users won’t be able to move their BCH using Ledger until a dominant chain emerges. The post continues:
“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically.”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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