With Bitcoin Cash mining its first forked block, the futures prices of ABC and SV are fluctuating wildly.
The BCHSV futures price jumped 10.7% against the US dollar, increasing from $88.12 to $97.51 within one hour, before going down below $90 after the fork.
Meanwhile, the BCHABC futures price rate saw a 9% decline, dropping to $273.50, before rallying to a high $341 after the activation of the fork. As both derivatives are working without the presence of an actual market cap, the fluctuations in price reflects which protocol will have the support of traders in near-term.
Bitcoin Cash (BCH) Price Today – BCH / USD
The long awaited Bitcoin Cash blockchain hard fork has gone live already, with reports revealing that the first mined block comes from the BCHABC protocol.
Over the next 24 hours, holders of BCH can expect to see wild fluctuations. Wright has threatened that, if his SV gains a larger part of the hash-rate on the network, he will start a 51 percent attack on the Bitcoin ABC blockchain.
While ABC expects to draw hash power from the bitcoin hash pools of Bitmain, the general ugliness of the situation could lead BCH to new lows.
If Wright succeeds in getting hold of the Bitcoin Cash network, then he might be causing more harm to SV than anyone else. As a result of his actions, the SV chain will not be decentralized anymore, which means there could be no users.
However, the two chains SV and ABC can coexist without having to shed blood. Though, BCH will still be affected by all the negativity, it will have a greater chance of recovery than usual.