Given the early post-hard fork performance, the race between Bitcoin Cash ABC and Bitcoin Cash SV has taken an interesting turn as of late, with the former shedding an increasing amount of market capitalization and the latter rebounding and recovering to the point that it is, at the time of writing, potentially on the verge of switching spots with ABC — which is now listed merely as “Bitcoin Cash” on most crypto exchanges.
At the time of writing, the prices stood at $114 and $101 respectively, marking a combined loss of hundreds of dollars from the pre-fork price of nearly $600. It seems that some of the money left altogether, with a total market downturn in the several billions, but what’s left in Bitcoin Cash is at present almost evenly split between the two options.
Bitcoin ABC Losing Ground
The initial post-fork confusion at exchanges lent neither side much credibility, but after a time most exchanges had decided that ABC fork would get the ABC ticker if anyone did, leading to Calvin Ayre’s concessionary piece in which he suggested that neither fork should have the title BCH or Bitcoin Cash. Now, both tokens are listed on most major exchanges, and the trading has led to some interesting results.
Bitcoin SV had seen about $40 million more in trading over the past 24 hours at the time of writing and still came out as a gainer by comparison to Bitcoin ABC, which effectively lost 14% while SV gained the same percentage.
The prospect of Bitcoin SV overtaking Bitcoin ABC and becoming the second or third by market capitalization and one of the top cryptos by price might be presenting itself as a reality soon. Chart analysts are better to consult for such forecasts, but what we see from here is a definite trend toward SV coming out as a winner, even if only for a while.
What’s Fueling Bitcoin SV Demand?
At present time it’s fair to say that what is fueling Bitcoin SV demand has to be primarily speculators who live in the markets and don’t have much use for the token outside of there, as there are not a significant number of other uses for it as yet. This is changing rapidly, however, with the ecosystem of Bitcoin SV being propelled by nChain, CoinGeek, and various other monied interests who have an interest in its success.
They do have a growing number of services, however, including FiveBucks and Ryan X. Charles’ MoneyButton, both of which could be propelling some of this demand.
Featured Image from Shutterstock
Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.