Rival Wars: Bitcoin SV [BSV] overtakes Bitcoin Cash [BCH] for the first time
Bitcoin Cash [BCH] and Bitcoin SV [BSV] have been locked in battle that has lasted almost a month and for the first time, the latter is ahead. On December 6, the “radical” Bitcoin SV [BSV] overtook the “traditional” Bitcoin Cash [BCH] on the global coin ladder, with both coins experiencing double-digit movements, one for the better and one for the worse.
November was a significant month for the crypto community, with the market cap dropping by almost $100 billion, initiated by the BCH hardfork on November 15. From the split, two rival factions emerged, differing on their vision for BCH, with one faction advocating a mild increase to the blocksize, Bitcoin Cash ABC backed by the Bitcoin.com’s Roger Ver, Jihan Wu of Bitmain and the other side pushing for a “radical change,” Bitcoin Cash SV, backed by nChain’s Craig Wright and Calvin Ayre.
This debacle was, in large part, due to a lawsuit filed by United American Corporation (UnitedCorp), an IT and Blockchain investment advisor and patent holder, against Bitmain, Roger Ver, Kraken Bitcoin Exchange, major proponents of Bitcoin Cash ABC. The lawsuit filed in a Florida district court alleges that the accused engaged in unlawful manipulation of the hardfork. UnitedCorp also stated that after the hardfork, the BCH development team put a “poison pill” into the blockchain to control the ledger using “Deep Reorg Prevention.”
Bitcoin SV, which surged into the top-10 at the end of November, was hovering at the end of the top-10 while Bitcoin Cash sustained its position within the top-5, with Stellar Lumens [XLM] and EOS [EOS] closing in. Now, the tables have turned and Bitcoin Cash looks to be pushed out of the top-10 if the current trend continues, with Bitcoin SV surging into the top-5.
Bitcoin Cash [BCH]
Bitcoin Cash has been on a steep downtrend since early November, when its market cap was over $10 billion. Following the hardfork, the market cap dropped by nearly $4 billion, as the BCHABC BCHSV hash wars commenced. Barring one brief rise on November 19, after the BCHSV defeat, the coin has been declining in November, with a 50.4% freefall occurring immediately after the hash war victory. The coin struggled to stabilize earlier this week and then rapidly fell as legal issues mounted and customer confidence in BCH dipped, while Bitcoin SV was making steady gains. After dropping by nearly $2 billion in 4 days, the coin stood at $2.28 billion at the beginning of December 6 and fell by 25.2% to $1.70 billion in 24 hours. At press time, BCH has massively declined against the U.S. dollar by 20.12%, is priced at $101.12 with the market cap of $1.79 billion.
Bitcoin SV [BSV]
Crag Wright’s “radical” new crypto, that would better reflect Satoshi’s Vision was defeated in the hash war and hence didn’t break into the top-10 until November 26, when the coin reached a market cap of $2.12 billion. Bitcoin SV [BSV] fell by 33% to $1.42 billion 2 days later as the markets stabilized. BSV has constantly featured in the top-10, pushing out coins like Cardano [ADA], Tron [TRX] and Monero [XMR], who are vying to break in. Since the lawsuit surfaced, investors are migrating towards Wright’s BSV, with the market cap breaking the $2 billion mark and the coin cementing itself in the top-5. At 0000 UTC on Thursday, the market cap was $1.51 billion and it rose by a whopping 30.4% to reach $1.97 billion in 24 hours. Bitcoin SV leads Bitcoin Cash by almost $150 million, with the coin placed behind Stellar Lumens [XLM] in 5th. At press time, BSV has surged against the U.S. dollar by 23.08%, is priced at $109.3 with a market cap of $1.86 billion.
Image via Shutterstock
Follow us on Twitter