The cryptocurrency market has succumbed to the bear attack with several coins seeing red across the spectrum. Cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] have all started on a downtrend with the so-called crypto winter going on in full flow.
The one-hour BCH graph indicates a downtrend that has seen the price drop from $581.46 to $545.56. The earlier uptrend saw the price being lifted from $421.22 to $585.84.
The BCH support has been holding at $408.09 and the immediate resistance has been raised to $633.12.
The Relative Strength Index has crashed to the bottom of the oversold zone. This is a sign of the selling pressure being more than the buying pressure. The cryptocurrency has predominantly stayed in the overbought zone.
The MACD graph has fallen below the histogram with the occurrence of a crossover. Post the crossover, the signal line and the MACD line have shown uptrend tendencies.
The one-day BCH graph shows the support at $411.29. The downtrend bought the prices down from $832.39 to $568.57. The recent bullish run also took the price from $434.12 to $624.38.
The Bollinger bands have started diverging, which points to a bullish run. Some of the bullish spikes have left the Bollinger cloud swollen due to massive price hikes.
The Chaikin Money Flow indicator is still above the axis, which indicates that the money flowing into the market is still more than the money flowing out of it.
The upcoming hard fork has certainly created a change in the investor sentiment with several proponents of the hard fork building its case. The Bollinger band, CMF, and the MACD all point to the prices still trying to climb back on the bull, which may be interspersed with sideways price movements.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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