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Bitcoin Cash SV Overtakes Bitcoin Cash ABS: The War Continues

Maya Mandzikasvili | Dec. 7, 2018
Bitcoin Cash SV Overtakes Bitcoin Cash ABS: The War Continues

December 07, 2018 | AtoZ Markets -The Bitcoin Cash hard-fork split and the following clash of Bitcoin Cash ABC (BCH ABC) and Bitcoin SV (BCHSV) camps exaggerated the race for the title of a leader on the Crypto Market.

Will ABC and SV Switch Their Positions Soon?

According to the recent market analysis, BCHABC is losing its positions on the exchange market. BCHSV on contrary is recovering to the point of switching positions with ABC — which is now titled as Bitcoin Cash(BCH) on most of the crypto exchanges. By the time of the last reports released, the prices of the coins reached $114 for BCH ABC and $101 BCHSV respectively, marking a combined loss from the pre-fork price of nearly $600.

Bitcoin SV has reached about $40 million more than BCH ABC in trading during the last 24 hours. Comparing to Bitcoin ABC, which lost 14% BCHSV is leading with the same percentage as ABC gain. The financial experts assume that Bitcoin SV overtaking Bitcoin ABC and becoming one of the leading coins by market capitalization and one of the top cryptos by price might happen very soon.

The Hash Wars Weakened Bitcoin Cash

The separation of the Bitcoin Cash in two competing camps could not happen without consequences showing losses on both sides. After a week of a hash war, the media reported that both sides had burned $12 million to preserve their mining operations, which were unprofitable as the price of BCH fell to record lows. The Bitcoin Cash battle caused the BTC price drop along with the entire cryptocurrency reaching its lowest level in over a year by market cap. Some experts associated the crash of prices to the aforementioned ‘hash wars’ especially after Craig Wright, BCHSV camp leader, said that he would sell a lot of BTC to fund mining costs.“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”BCH has been slowly dropping every day during the last days. Its price movement is taking a position of a downward spiral that has seen to dissolve into virtually nothing falling from its all-time high to today’s prices. In the last 24 hours alone BCH has crashed a further 24% plunging from $128 to its lowest level ever – $97. BSV, or Satoshi’s Vision, founded by Australian computer scientist Craig Wright entered the market on November 27. Since then it has remained relatively stable at around $90 to $100. According to the experts, the present Bitcoin SV price boost and growing demands might be due to the speculators which do not use their tokens outside of the market. Also the current state of the Bitcoin SV could involve nChain, CoinGeek and others who have an interest in BCHSV success.

Bitcoin Cash SV Price Stay Stable

The cryptocurrency market has been pounded again as by Friday $15 billion more left its space. Bitcoin fell and hit a 2018 low of $3,400 a few hours ago. This has pulled the rest of the altcoins down. Another crypto market instability victim EOS dropped down over 20% and dumped down the chart to the eighth spot. The crypto reached an epic amount down from its all-time high, around 92% at the moment. Cardano also is dropping out of the top ten altogether and dumping a whopping 97% from its ATH. While every crypto in the top 20, including Bitcoin, is experiencing double-digit losses, Bitcoin SV has managed to climb over 28 percent. As previously reported, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that almost destroyed the entire industry in the fallout. At the time it seemed like the move meant Bitcoin SV was destined to join the coins relegated to obscurities, such as Bitcoin Gold, Bitcoin Diamond, and Litecoin Cash. However, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn becoming the only coin with the stable position on the market. 

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.