Locking horns since November 15th, with no winner in sight. Even if one of them wins this nonsense fight, what does he get aside of ego massage and empty pockets? The hashwar was one of the most illogical head bumping between two camps who missed the memo: they are both completely irrelevant in the broader picture.
While the rest of the crypto market continued to collapse, Bitcoin SV (BSV) recorded double-digit price gains in the last 24 hours. The coin overtook Bitcoin Cash (BCH), the crypto currency from which it had split off in November. Meanwhile, BCH supporters are now being sued for their actions during the hard fork.
Crypto investors are experiencing another bad day. Bitcoin (BTC) lost another good ten percent in value and is currently only traded at around 3,400 US dollars. EOS, whose price fell by more than 22 per cent in the last 24 hours, was hit particularly hard.
But one of the largest crypto currencies in terms of market capitalization is moving in exactly the opposite direction: Bitcoin SV (BSV) has gained around 15 per cent in value since yesterday. This also makes the coin the only one in the top 100 (apart from stable coins) to have moved within the green range in the past 24 hours.
BSV overtakes Bitcoin Cash
This impressive development has also resulted in Bitcoin SV now having the sixth largest market capitalisation of all crypto currencies. The coin thus also overtakes Bitcoin Cash (BCH), which now ranks seventh. For most of this year, BCH ranked fourth behind Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
The BCH ecosystem was split into two parts on November 15th, the Bitcoin SV and Bitcoin ABC implementations. One side (BSV) wanted to reactivate many aspects of the original Bitcoin code and increase the block size to 128 MB. The other (BCH) wanted larger blocks in principle, but rejected radical changes. At first, both factions wanted to claim the name “Bitcoin Cash” for themselves, but after about a week, Bitcoin SV gave up and left the name and ticker symbol “BCH” to the other side.
Reasons for the “Flippening”
Apparently Bitmain, the world’s largest mining company and perhaps the most important supporter of BCH, is in financial difficulties. According to BTCKING555, a well-known Bitmain critic on Twitter, the company made a loss of 740 million US dollars in the third quarter of this year. The company had accumulated large quantities of BCH when the price was significantly higher.
In addition, the US telecommunications and blockchain company UnitedCorp announced on Thursday that it would sue numerous supporters of the ABC implementation, including Bitmain, Bitcoin.com and its CEO Roger Ver, but also the Exchange Kraken and others.
They had “kidnapped” the Bitcoin Cash network on November 15 by diverting hash power to BCH for mining at short notice to create an “artificially longer chain” and enforce the ABC rules. The accusation is that they wanted to centralise the network and trigger the collapse of prices. UnitedCorp is now suing for damages and for the failure to carry out these activities.
On the other hand, Craig Wright, probably Bitcoin SV’s best-known supporter, announced last week at the Coingeek Week conference in London an extremely ambitious project called Metanet. “What we will actually create is a safe alternative to the Internet, built on the blockchain. The Internet will become a sidechain to Bitcoin [SV]-Blockchain,” Wright explained in his presentation.
Although BSV may now be the largest alternative bitcoin, it is still a long way from pushing BTC from the throne. The market capitalisation of Bitcoin (BTC) is still about thirty times higher than that of its rival.
Is the increase in Bitcoin SV’s value permanent or is it just a temporary capriole of the market? Write your thoughts in the comment column!
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