The Bitcoin offshoot has been performing well for the past 30 days
Bitcoin Cash has picked up the pace and been on track since its previous hard fork. Many consumers did not expect the coin to perform well following the hard fork on 15 November. The price of BCH went as high as $ 296 yesterday before retreating to $ 285 starting today.
Bitcoin Cash’s first hard fork was in 2018 after disagreements arose about block sizes and how many transactions they could hold. The blockchain split into Bitcoin SV and Bitcoin Cash. The former came out as the smaller chain after engaging the latter in a win-take-everything hash war.
Although Bitcoin SV lost the war and eventually agreed to coexist, it had a huge impact on Bitcoin Cash prices, although this was a very volatile trading period at the time. BCH lost nearly half its value after the split when it plummeted from $ 627 to $ 293. But that wasn’t the end of it as the crypto dropped even further to $ 80 the following month.
This year’s hard fork wasn’t as disruptive as the first one. The new Bitcoin Cash blockchain broke into Bitcoin Cash ABC and Bitcoin Cash Node. The latter took the title Bitcoin Cash (BCH) because it had significant hash power.
The fork was indeed a concern for investors, but so far, BCH has posted good returns. The price of Bitcoin Cash initially dropped to $ 240 after the hard fork. Since then the crypto has increased by 19% to its current price. As of writing, it is trading at $ 286.34 – up 4.58% in the last 24 hours.
On the other hand, BCHA’s price steadily increased after the hard fork posted a high of $ 24.6 on Nov. 20 before retreating. It is currently trading at $ 19.70, having gained 2.78% in the last 24 hours, according to Coinmarketcap. Bitcoin Cash, however, remains far from its all-time high of $ 3,720 posted in December 2017.