Bitcoin Cash (BCH), the cryptocurrency created as a result of the bitcoin hard fork in August, has slid almost 60 percent in 24 hours as bitcoin continues its aggressive recovery climbing more than $1,000 today.
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BCH fell from an all-time high of $2,300 with a total market cap of over $40 billion all the way to $1,043 and a market cap of under $18 billion.
During this same period, bitcoin has regained some of its recent loses climbing approximately seven percent.
BCH has been heavily criticized by the cryptocurrency community for its centralized disposition, as one of bitcoin’s main appeals is the decentralization.
“Perpetual onchain scaling destroys decentralization…Without decentralization, you lose censorship resistance. Censorship resistance is what gives Bitcoin value. Without that, it’s just PayPal 2.0, which is not revolutionary. BCH also has a very weak dev team when compared to Bitcoin Core. It’s like high school team against pros,” Charlie Lee, founder of Litecoin, said on Twitter.