The cryptocurrency market has hit a bit of stride these past few days. One the market hasn’t seen in quite some time. Bitcoin (BTC) is trading above $4,000, and Ethereum is sitting just above $115. Today, we’ll take a closer look at Bitcoin Cash (BCH) and Bitcoin SV (BSV) and their latest movements.
Bitcoin Cash (BCH)
Bitcoin Cash or Bitcoin ABC has been dominating its peers on the crypto market. This week, BCH is up nearly 150%. What is the reason for this sudden spike? It remains unknown at this time. However, Bitcoin ABC won the hash war, and most exchanges are deeming Bitcoin ACB as the true Bitcoin Cash.
Pretty much from the start, Bitcoin ABC was backed by many of the major cryptocurrency exchanges, putting it in a great position to reign supreme. Still, Bitcoin SV remains strong.
According to Yahoo Finance, BCH is currently trading at $204.41 a coin, up 18.70%, in 24 hours.
Bitcoin SV (BSV)
On the flip side, Bitcoin SV lost the hash war and therefore can’t be deemed as the official Bitcoin Cash (BCH). But I’m not sure Craig Wright or Bitcoin SV enthusiasts are mad about that. Bitcoin SV, or ‘Satoshi’s Version,’ is said to be the digital currency Satoshi Nakamoto first envisioned in his original whitepaper.
In the past, Wright has claimed that he is the original Nakamoto, but many in the crypto space have laughed immensely at the claim. Vitalik Buterin, Ethereum’s co-founder, has even gone as far as calling Craig Wright a fraud at a crypto conference in April.
Despite all the negative press and lack of backing by exchanges, Bitcoin SV remains strong. But can it hold up? At press time, the digital currency is the seventh largest digital currency by total market cap. According to CoinMarketCap, BSV is trading at $114.31 a coin, up 12.76% in 24 hours. For the week, Bitcoin SV is up nearly 51%.
While Bitcoin ABC may have won the Bitcoin Cash (BCH) race, the race for the better digital currency and blockchain continues! Which side are you on?
Featured Image: Depositphotos/© EdZbarzhyvetsky