The price of the major cryptocurrency, Bitcoin Cash, bounced back after experiencing a hard fork. Based on data from CoinGecko, BCH price rallied more than 16% to hit $305 in the past 24 hours.
Last weekend, Bitcoin Cash experienced a hard fork that separated it into two distinct chains. The fork occurred as Bitcoin Cash ABC intended to introduce an 8% mining tax. Numbers of individuals didn’t desire to pass the proposal, as they believe that the proposed plan will restrain miners by decreasing their earnings. Moreover, there are concerns that if a single development team controls Bitcoin Cash, it will become centralized, so they moved to a different fork.
Following the uncertain conditions, the price of the Bitcoin Cash spun almost 5%, falling from $255 to $240. Furthermore, some giant crypto exchanges temporarily halted deposits and withdrawal services for the asset, as the network future hovered in the scales.
Bitcoin Cash Holds the 7th Place After Overcoming the Loss
Since the fork news hit the crypto sphere, Bitcoin Cash encountered intense volatility. The value of assets Grayscale Bitcoin Cash Trust managed had decreased by $1.6 million. As reported earlier, the BCH price rallied to over $276 on October 23 before falling over 26% in September.
However, the network has, therefore, been retrieved from the damage it incurred. As of now, Bitcoin Cash holds the 7th spot with a market capitalization of $5.5 billion, listing under Litecoin, which has a $5.6 billion market cap.