Crypto Traders Now See No Winner in Bitcoin Cash Fork

Early trading indicates crypto investors may no longer believe Bitcoin ABC, today the dominant software used to run the bitcoin cash blockchain, will hold on to its leading position following an expected fork tomorrow.

At press time, exchange markets set up in advance to offer traders a choice between Bitcoin ABC and its expected challenger, Bitcoin SV, show Bitcoin ABC has lost its early edge.

After trading for more than $300 above the price of Bitcoin SV, data shows Bitcoin ABC, represented by the ticker symbol BCHABC, is now nearly trading at parity.

Data shows coins on a hypothetical BCHABC blockchain are now trading at $253, while those on a BCHSV blockchain are priced at $216, according to Poloniex.

Bitfinex launched a similar market yesterday, which introduced Chain Split Tokens that allow traders to trade tokens representing value on each of the competing blockchains that could result from tomorrow's fork.

A key drive of this change is that more mining pool operators are supporting Bitcoin SV, meaning that its blockchain could have more dedicated computing power securing transactions.

As seen on CoinDance, the two major mining pools in support of Bitcoin SV - SVPool and CoinGeek - currently hold roughly 60 percent of the total hash power now dedicated to bitcoin cash.

Plus, other mining pools that support Bitcoin SV bring the total hash power towards that implementation to a little over 78 percent.

The numbers suggest those supporting Bitcoin SV could even have enough computing power so as to launch attacks on a Bitcoin ABC, should a minority of computers continue to support that network.

Such a move has been suggested by Bitcoin SV project leaders, including Craig Wright, the Australian cryptographer who claims to be Satoshi Nakamoto and who is leading development of Bitcoin SV. That being said, Peter Rizun, chief scientist at Bitcoin Unlimited, another implementation for bitcoin cash, believes the hash power numbers may look different after the hard fork is actually activated and those dedicating computing power to the network are forced to actually allocate resources.