Several top exchanges have already accommodated the resulting two tokens after yesterday’s split of the Bitcoin Cash blockchain.
While the scheduled hard fork was originally intended as an upgrade to the network, the long-standard Bitcoin Cash ABC version found itself with a rival network and token, Bitcoin Cash SV, after it managed to garner enough support from miners.
ABC is currently ahead, according to tracker Coin Dance, the balance of power could still shift.
The event soon saw both networks producing new blocks, though Bitcoin ABC took an early lead. At press time, ABC has mined 34 blocks more than SV and has 59% of hash power, according to data from Coin Dance.
Who will be the winner
The winner will be able to make tweaks in the software to its benefit, such as figuring out how to mine coins more efficiently. Other pluses include being able to attract better developers, and more miners to join its pool. Whoever gains control will also have a lot of influence over the related coin’s price.
In an announcement Friday, Binance said all eligible users have now received both BCH ABC and BCH SV – the tokens that arose as a result of different stakeholders providing support for competing versions of the bitcoin cash software.
Binance said that trading for new pairs – BCH ABC/BTC, BCH ABC/USDT, BCH SV/BTC, and BCH SV/USDT – kicked off at 08:00 UTC today. Deposits and withdrawals of the new tokens are still on hold, however, until the blockchains and wallets are deemed “usable and stable.”
Both the Bitfinex and Poloniex exchanges have also said they have made the shift to the new cryptocurrencies.
In the meantime, the fight has been costly for investors, who have already seen Bitcoin Cash lose $2.75 billion in market value in the last week.
Cryptocurrency data provider CoinMarketCap now lists both BCH SV and BCH ABC, reporting prices at $109 and $293, respectively. It also still lists the former cryptocurrency BCH at $405. If the data is correct at this early stage, it’s worth noting that SV is down 23 percent on a daily basis, while ABC has gained 1.2 percent.