Home / Crypto Currency / Flippening: Bitcoin Cash Now Worth Less Craig Wright-Backed Bitcoin SV

Flippening: Bitcoin Cash Now Worth Less Craig Wright-Backed Bitcoin SV

bitcoin cash bitcoin sv


In a development that it’s fair to say few saw coming, bitcoin sv — the cryptocurrency introduced through last month’s Bitcoin Cash hard fork — is now worth more than the bitcoin cash token itself.

CCN reported yesterday that a “flippening” between the two cryptocurrencies appeared to be inbound, as the BSV price steadily gained on BCH even as the wider crypto market plunged — and the bitcoin price crashed to a new yearly low.

bitcoin cash price
Bitcoin Cash (Blue) vs. Bitcoin SV (Red)

On Kraken, which gained notoriety for its warnings about the dangers of holding the “risky” BSV token, bitcoin sv has climbed to $107, pricing it $6 above bitcoin cash. Overall, BSV now has a $1.827 billion market cap, giving it an extremely slight edge over BCH’s $1.808 billion.

bitcoin cash market cap
Source: CoinMarketCap

It remains unclear what is driving the BSV rally and BCH sell-off, given that the latter retains more support among crypto exchanges and other infrastructure providers. However, unverified rumors that crypto mining giant Bitmain lost hundreds of millions of dollars last quarter may be weighing on BCH, given that the firm is one of the coin’s top backers and is said to be one of the world’s largest holders of BCH.

Moreover, billionaire gambling tycoon and CoinGeek founder Calvin Ayre — along with other BSV backers with deep pockets — could be providing BSV with buy support to prevent it from suffering under the weight of the present sell-off, much as they have continued to mine BSV even when it is significantly less profitable than bitcoin (BTC) and BCH. However, much like the rumors about Bitmain’s financial state, this remains mere speculation.

There’s also the ever-present possibility that traders are engaging in a BCH/BSV pump-and-dump, which would quickly become evident if the state of play reverses in the coming days.

In any case, CCN will continue to provide coverage and analysis of the continuing war between BCH and BSV, and you can track the bitcoin cash price in real-time by clicking here.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Read more

Check Also

Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO

Bitcoin is a “dead man walking” whose price will eventually plunge to zero. That’s the dire prediction of Peter Mallouk, the president and chief investment officer of Creative Planning Inc., a Kansas investment firm that manages $32 billion in assets. The avowed bitcoin skeptic said BTC bulls are delusional saps who don’t realize that their The post Bitcoin is a ‘Dead Man Walking’, Claims Creative Planning CIO appeared first on CCN

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.