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Bitcoin Cash, Ethereum, and Litecoin drop by more than 6% in an hour; has the correction wave begun?

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Bitcoin Cash, Ethereum, and Litecoin dump by more than 5% in an hour; Has correction wave started?
Source: Unsplash

Altcoins followed Bitcoin’s [BTC] lead and pumped higher. However, since Bitcoin slumped by ~2% in an hour, several altcoins have dropped by more than 6% over the hour.

Bitcoin Cash [BCH]

The fourth largest cryptocurrency in the world by market cap underwent an upgrade on May 15, 2019, to implement Schnorr Signatures. However, the upgrade was faced with an obstacle after many people in the community claimed that a hacker exploited a bug after waiting patiently for months.

Source: TradingView

As a result, the price of Bitcoin Cash [BCH] fell by 8.37% in an hour. The price went from $443 to $412, and the market cap fell to $7.4 billion.

Ethereum [ETH]

Ethereum, the second largest cryptocurrency, fell by approximately the same amount as Bitcoin Cash, i..e, 8.21% in an hour. However, at press time, the price seemed to be recuperating as the candle was green.

Ethereum’s market cap also faced an instant setback as it collapsed from $28 billion to $27 billion. The coin looked good over the longer time frame, as the price went up by 49% over 7 days.

Litecoin [LTC]

The silver to Bitcoin’s gold, Litecoin, faced a drop more brutal than the aforementioned coins, collapsing by 9.26% in an hour. The price of Litecoin reached $100 point after almost a year, but the coin was facing massive rejection at this level, something that can be attributed to Bitcoin’s slump.

Source: TradingView

Litecoin’s price, at press time, was hovering over $100 with a market cap of $6.18 billion. The fifth largest cryptocurrency in the world hovered just below Bitcoin Cash [BCH].

EOS



EOS suffered the same fate as the rest of the altcoins, dropping by 6.88% in an hour. The price of EOS, at press time, was $6.64 and it had a market cap of $6.03 billion, just below Litecoin.

Source: TradingView

Over a larger time frame, the altcoin performed better than its counterparts as the price was up by 34% in 7 days. The above fall in altcoins after Bitcoin’s drop by 2% shows the correlation that exists between Bitcoin and other altcoins.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin Cash

Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool

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Bitcoin Cash's hashrate comes dangerously close to being controlled by one mining pool
Source: Unsplash

Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.

Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.

Source: Coin Dance

The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.

At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.

Source: Coin Dance

This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.

Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.

A Reddit user commented:



“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “

Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:

“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”

In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.

Source: Coin Dance

 

 





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