Like most of the large-capitalization crypto market, Bitcoin Cash [BCH] had been in recent weeks been uncharacteristically stable, and therefore the fourth-largest cryptocurrency spent most of yesterday’s morning trading close to $425 USD. Shortly after 12:45 UT, however, the price Bitcoin Cash [BCH] reached $450 USD for a matter of minutes, ultimately touching $470 before falling back to the present value of around $473.90 USD, at the time of reporting.
The surge translated into a daily move of over 10%, ranking Bitcoin Cash [BCH] among the best performer among the top hundred cryptocurrencies.
The rally showed some correlation with 2 separate announcements from giant cryptocurrency firms Bitcoin.com and Binance indicating that they’re going to approach the upcoming Bitcoin Cash [BCH] software hard fork, which, as reported, stems from deep-seeded disagreements about what technological upgrades ought to be activated on the network and threatens to sever the BCH blockchain into multiple competitory versions.
As per their announcements today, both Binance — one of the major cryptocurrency exchange along with Bitcoin.com, the BCH-promoting web-site owned by Roger Ver, indicated that they might support the BCH version promoted by development team Bitcoin ABC — not the alternative client release by Craig Wright-linked firm nChain and mining pool operator CoinGeek.
Bitcoin.com announced outright that its mining pool, wallet, block explorer, along with other services would run the fork-compatible Bitcoin ABC client. At the same time, these services would be the latest client from Bitcoin Unlimited, who has sought-after to broker a compromise and offer miners the chance to vote on which individual upgrades they might prefer to activate. Whereas not addressed directly, the announcement makes clear that the corporate won’t support SV.
Binance’s announcement was somewhat additional opaque, stating that it’d support the Bitcoin Cash [BCH] hard fork however didn’t address what software clients it’d support. Crucially, though, the announcement referred users to the “official announcement” for the hard fork and connected to the bitcoincashorg GitHub repository, that lists the upgrade-set enclosed within the ABC client.
While these statements don’t utterly erase the uncertainty close the Nov. 15 fork, they do suggest that, if the key corporations that give BCH infrastructure still line up behind ABC, the questionable hash wars could prove be less ugly — and troublesome — than they might have been.