Has the PoW Narrative Renaissance become a dream as BCH tripled in two weeks?

Did the PoW Narrative Renaissance end as BCH tripled in two weeks?

No one could have predicted that the recent surge in prices, driven by mainstream financial institutions applying for a Bitcoin futures ETF, would ultimately benefit the Bitcoin fork project the most – BCH (Bitcoin Cash). Qin Xiaofeng, author of the Star Daily, takes stock of recent data on BCH and other POW tokens, and recounts the story of BCH from its birth to two forks, and Wu Jihan’s entanglement in the “palace struggle” of Bitmain.

According to Coingecko data, BCH has led other cryptocurrencies with a 106.5% increase over the past week; over the past two weeks, BCH has risen from $101 to $325, a maximum increase of 221%, and is currently trading at $294. Interestingly, as BCH rises, other forked coin projects are also seeing good gains: eCash is up 58.2% for the week, ranking second; CSW-led BSV is up 35.2% for the week, ranking fourth. As these tokens are all POW mechanisms, the community is shouting “Make Pow Great Again”, and a group of old-school POW public chain tokens such as LTC, DASH, and ETC are also up more than 10% across the board today.

The exciting drama of BCH: 1) Birth: In 2017, the Bitcoin community erupted in a fierce conflict and the first fork in Bitcoin’s history occurred with the support of Bitmain, giving birth to Bitcoin Cash (BCH). At its peak, BCH’s market value briefly entered the top four, and the BCH/BTC exchange rate reached as high as 0.284; 2) Fork: One year later, CSW forked BCH, giving birth to BSV. After the BCH fork, the price plummeted, falling from $552 to $74 in just one month, a drop of 83%; 3) Another fork: BCHN (Bitcoin Cash Node) and BCHA (Bitcoin Cash ABC). Eventually, BCHN won the naming rights for BCH, and BCHA was renamed eCash (XEC); 4) Bitmain’s internal struggle: In 2019, Wu Jihan and another co-founder of Bitmain, Zhan Ketuan, had a long-standing public conflict. In January 2021, Zhan Ketuan bought nearly half of the shares of Bitmain held by Wu Jihan and other shareholders for $600 million, and Wu Jihan officially resigned from Bitmain and became the chairman of Bitdeer. At the same time, Bitmain divested its mining pool and cloud mining business.

For BCH, it seems to be a turning point. First, the attraction of Bitcoin spot ETF is increasing, with expectations of igniting a bull market. Second, the Bitcoin ecosystem has new stories with the popularity of Ordinals, and many old developers are returning to it. In addition, EDX Markets, supported by traditional financial giants, recently launched trading for four tokens, including BCH, and BCH has not been listed as a security by the SEC. However, it is still too early to tell whether this is a temporary market manipulation or a narrative revival and even a value return to the cryptocurrency industry.

Reference: https://www.odaily.news/post/5188125

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