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Bitcoin Cash (BCH) price is trading over 5% higher to open a new week after crashing over 35% in the past week. The blockchain has once again split into two new platforms.Â
Fundamental analysis: BCHN to win
Bitcoin Cash Node (BCHN) might become the leading software of the BCH network after the latest hard fork. Crypto exchange Binance has mined the last BCH âcommon blockâ, while the first block that split the blockchain was mined by AntPool. After that, Bitcoin Cash Node has acquired the majority of hashpower as miners have mined a number of consecutive blocks.Â
Before Bitcoin Cash split again, about 90% of miners were backing BCHN.Â
Amaury Sechet and his team of developers suggested an update on the network, featuring a new controversial âCoinbase Ruleâ, under which Sechet and his group, BCH ABC, take 8% of mined BCH as a way of funding protocol development.Â
The update faced a backlash from another group from the Bitcoin Cash community, thatâs known as Bitcoin Cash Node, who eliminated this âminer taxâ from the source code. As a result, Bitcoin Cash has undergone another fork as the two groups couldnât reach an agreement.Â
In case BCH ABC doesnât receive enough hashpower to maintain the blockchain, it means that the ABC blockchain can theoretically disappear. Furthermore, the majority of common cryptocurrency exchanges have voiced their support for BCHN.Â
Technical analysis: Recovery mode in play
Bitcoin Cash price printed a 9-month high at $373.00 on November 24 before a sharp correction took place to erase more than 35% of the coinâs value. As seen in the chart below, a strong push lower was capped by $251, which hosts a confluence of two moving average lines.Â
BCH/USD daily chart (TradingView)
A rebound has started on Thursday to push the price action towards the $300 mark. Today seems to be the third consecutive day of gains as BCH buyers work their way towards the next resistance line at $325.
Summary
Bitcoin Cash has undergone a hard fork once again as the two groups of developers, BCH ABC and BCHN, couldnât have come to an agreement over the cryptocurrencyâs future. The price action crashed just before the hard fork while the buyers now work in a recovery mode.Â
The post Bitcoin Cash (BCH) price in recovery mode after undergoing Hard Fork appeared first on Invezz.
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