The top end of the market is green this morning (10:30am GMT), with the glaring exception of Bitcoin Cash, down 8.5% at $405, according to coinmarketcap.
Bitcoin is priced at $5,604 on strong volume of $6.4 billion, with bulls hoping it marks the start of the recovery from the sell-off.
Binance is first out the gate with the forked BCH tokens: it has started distributing Bitcoin Cash ABC and SV (BCHABC and BCHSV).
BCHABC is trading at $297 on Binance, which is 1.24% higher on a 24-hour view. BCHSV on the other hand is less than half BCHABC’s value although is 75% higher for now at $155.
On Coinmarketcap, BCHABC is reported at $287, up 3% and BCHSV is down 28% at $113. Either way, BCHSV is losing the price war.
The ABC chain, as expected, has the highest block height and the price differential between it and SV has widened considerably. It already had immediately before the protocol upgrades even though SV has 71% of hashrate.
148 blocks had been mined under new consensus rules at the time of writing, according to coin.dance.
Bitcoin ABC is 44 blocks ahead.
However, as previously reported, the fire power of the Bitmain-backer mining pools was always going to be decisive.
Wright claims he is just getting started:
In our hash competition, we have seen the ABC team bring on their strongest sprinters. We are just at the trials and not yet on the finals to Marathon and they have made a remarkable burst to do a 9.9 second 100m (unfortunately in the wrong direction)
— Dr Craig S Wright (@ProfFaustus) November 16, 2018
The BCH fork wars has been blamed for triggering the latest crypto sell-off.
The upgrade, far from boosting BCH, has led to the price falling more heavily than other top altcoins.
nChain insiders sell before fork
Word from inside the Wright camp and his dev team based in London, was of selling before the fork. Clearly, other market participants have been doing the same.
The much more cautious Coinbase is yet to make a distribution decision. Poloniex which had the first futures market will likely be showing its hand soon.
Poloniex has the giant’s share of volume in the fork market at $31 million.
BCHABC 30-min live chart (Poloniex)
BCHSV 30-min chart (Poloniex)
Home mining to beat back billionaires?
CoinDesk reports of a new initiative to promote the return of home mining, Coinbase chief technical officer Balaji Srinivasan is biging up a startup called Coinmine, which announced pre-orders on Wednesday.
With billionaires playing games with our crypto, it couldn’t have come at a better time. Coingeek is the mining effort behind BCHSV and is owned by Calvin Ayres . On the other side is Jihan Wu from Bitmain.
Srinivasan said in comments to CoinDesk: “The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
Coinbase Ventures is an investor in Coinmine.
Top 10 crypto stable, except for Bitcoin Cash