Today, the crypto world is waking up to a new yearly low for Bitcoin (BTC) — with the whole market taking a nose dive.
The only asset besides USD-backed stablecoins doing well today is Bitcoin SV — a fork of a fork.
Bitcoin SV appeared in the wake of the Bitcoin Cash fork that split the community in two. The other half of the community adopted Bitcoin ABC. The two competing chains have been involved in a hashwar since the split — each of them pushing for the top spot with their respective mining pools.
Immediately after the fork, which happened in mid-November, Bitcoin ABC had an imposing lead in price over its counterparts. Slowly, but steadily (as it looks), Bitcoin SV has been able to claw back at its disadvantage. Today is the first time Bitcoin SV has reached and temporarily surpassed the price of Bitcoin ABC.
The price advantage has been swinging back and forth, but Bitcoin SV has more positive momentum than Bitcoin ABC. Click To Tweet
— CryptOrca (@CryptOrca) December 7, 2018
Furthermore, Bitmain — one of the prominent mining companies and backer of the ABC fork — has appeared in a negative light in the news recently, with UnitedCorp launching a lawsuit against it and Roger Ver. Could this be the flipping point for the Bitcoin Cash forks? We’ll have to wait and see.
An Inverse Correlation
At the same time, another interesting observation made by the crypto community is the inverse correlation of Bitcoin SV’s price and Bitcoin’s price. There are no other cryptocurrencies that have such high negative correlation with the biggest digital asset. The timeframe is still too small to draw any long-term conclusions; still, it’s an interesting market action worth keeping an eye on.
— CryptOrca (@CryptOrca) December 6, 2018
Not that Bitcoin SV could challenge Bitcoin’s market capitalization of $59 billion. However, it currently sits comfortably in top ten cryptocurrencies and could even challenge Stellar and Tether (USDT) for the top five, according to data on CoinMarketCap. The current market capitalization of Bitcoin SV is $1.9 billion, whereas Bitcoin Cash (the ABC side) is at $1.8 billion.
Is this the flipping point between the two cryptocurrencies that have been at war for over a month? What do you think? Let us know in the comments below!
Images courtesy of Twitter.