Bitcoin ABC is up by over 70% today with the announcement of a new client upgrade. The new upgrade includes stability-related fixes for both forks of Bitcoin Cash Client. Data from CoinMarketCap shows that BCHA opened today at $11.78 and is now trading with substantial volumes on exchanges. The coin had been low at $10.50 and high at $21 with later settling between the $19-$20 range.
Bitcoin Cash ABC Skyrockets Over 70%
The cryptocurrency skyrocketed over 70% over the past 24 hours alone. However, the BCHN version is currently trading at $254.61 and listed as Bitcoin Cash on most of the listed exchanges.
Bitcoin Cash developer Amaury Sechet expressed his positivity to the Bitcoin Cash community.
The BCHA crowd is the most amazing crowd in crypto, hands down.
The fact that it is small, yet, says way more about crypto than it says about anything else.
There is no other place I'd rather be in.
— deadalǹ͔͜͡i͎̜͖͗̎͞x̛̳̠̤̥̦̉̊̕̕ (@deadalnix) November 17, 2020
The cryptocurrency lost its branding to Bitcoin Cash and BCH ticker. Meanwhile, BCHA had to face quite an uphill in terms of gaining support from major crypto exchanges as well as from merchant services.
As of yet only a few of the blocks are added to the BCHA chain by the miners since its fork update on Nov. 15. The major reason for such delay in the addition of new blocks is due to the mining difficulty and lack of hash power to generate newer blocks. For instance, the recent BCHA block took seven hours just to find over 14,000 transactions, a slight growth to the previous block count of 1,674. It also included over 0.9 BCHA in transaction fees, i.e. the current price of $19.40.
Bitcoin ABC Wants Implementation of BCHA and BCHN
Bitcoin ABC has expressed that it wants to continue supporting both the implementation of BCHA and BCHN of the Bitcoin Cash client after the hard fork to serve those who have adopted the cryptocurrency as a method of payment.
However, Bitcoin Cash faced quite an issue during the fundraising for its development. In August, Bitcoin ABC launched 0.22.0 of their client. It introduced the changes to ensure fund availability for protocol development. The proposal came upon controversy with the development fund being regularly likened to a tax and shifting in proposed size from 15% to 5% to its current 8% over the course of the year.