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Post-fork situation: Bitcoin Cash Still Losing Value
Following the November 15th hard fork of Bitcoin Cash (BCH), the fourth largest digital currency by market cap, the crypto market entered a new period of recovery. However, this does not include Bitcoin Cash itself, which is currently the only coin in the top 10 that is trading in the red.
While almost every crypto in the top 100 experienced significant losses in the last several days, the situation has turned once again. Many see this as proof that the drop was a one-time incident and not the return of a bearish trend. At the time of writing, only a handful of altcoins in the top 100 are trading in the red. Bitcoin Cash itself is leading this downward trend and is still losing value, with its current price being at $405.89, with a 7% drop in the last 24 hours.
It has a trading volume of $736 million, with over $116 million being traded on OKEx. Apart from OKEx, a large part of BCH trading volume is held by Coinbit — around $73.9 million.
The cause of a price drop
As stated previously, the drop in value came as a result of a hard fork which was expected for a long time. However, the situation became complex due to the fact that two parts of the BCH community — Bitcoin ABC and nChain — had different ideas of how BCH should continue its development. As a result, the upgrade to BCH blockchain on November 15th resulted in BCH splitting into two chains.
One of them was named Bitcoin Cash ABC, while the other one is Bitcoin Cash SV. The team at Bitcoin ABC is led by the CEO of Bitcoin.com, Roger Ver, as well as Bitmain’s Jihan Wu. As for the nChain’s team, it is led by Calvin Ayre and Craig Wright, who aim to make Bitcoin SV (Satoshi’s Vision) a reality.
Prior to the fork, Roger Ver stated that the event will likely be more of a show and less of a real problem. He was quite vocal about the fork, and BCH in general, for a long time. He even stated that most arguments regarding the network come down to operation aspects, instead of fundamental differences. Everyone involved agrees that BCH should remain the world’s currency and that it should be used for payments, purchases, and alike.
It is currently unknown when will BCH stabilize, and whether it will regain its previous value. Many even speculate whether or not it will manage to remain the fourth largest coin. For now, experts, analysts, and the crypto community itself are following the situation and awaiting further development.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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