Bitcoin Cash’s split if off to a rocky start.
The combined value of the two coins spawned from the so-called forking is less than that of a single Bitcoin Cash coin Wednesday, according to data from exchange Poloniex. Bitcoin Cash SV, as one version is called, is trading at about US$96.50, and Bitcoin Cash ABC, the other is US$289, or lower than what Bitcoin Cash closed at US$425.01 yesterday.
The fallout is markedly different from a year ago, when Bitcoin Cash initially split from Bitcoin in August of 2017. The two coins ended up being worth more than Bitcoin alone, benefiting investors. As a result, that split lead to a so-called forking craze, in which multiple developer teams rushed to get out new versions such as Bitcoin Gold by tinkering with the software code.
The two coins are likely trading sideways amid uncertainty over whether both of them will stick around, and which one will end up leading further development on the main branch of Bitcoin Cash. Companies and investors supporting each version are jockeying for dominance, and “it’s too early to tell” which will win out, said Lucas Nuzzi, director of technology research at Digital Asset Research.