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.
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.
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.