Bitcoin Cash SV Outperforms ABC as Crypto Market Drops $8 Billion

Bitcoin Cash SV Outperforms ABC as Crypto Market Drops $8 Billion
Francisco Memoria

Bitcoin Cash Satoshi’s Vision (BSV) has seemingly been outperforming Bitcoin Cash ABC – which has the BCH ticker on most crypto exchanges – as the price of most cryptocurrencies keeps dropping.

According to CryptoCompare data, BCH is currently down by about 6.32% and is trading at $105.1, while BSV is currently up about 1% in said period, trading at $105.2. BSV has, in fact, seemingly been bucking the bearish trend as while most cryptos are down in the last week, the cryptocurrency is up 3.3%.

BSV's price performance

What’s behind BSV’s price performance is unclear. The cryptocurrency was created on November 15, as the BCH hard fork saw the crypto’s community split into two sides that supported different technological solutions that weren’t compatible with each other.

One side, that of BCH, is supported by Bitcoin.com and crypto mining hardware manufacturing giant Bitmain, while BSV is supported by self-proclaimed Satoshi Nakamoto Craig Wright and nChain, as well as by Calvin Ayre’s CoinGeek.

As recently covered supporters of BCH have been sued by United American Corp, an IT services firm, for allegedly manipulating the hard fork. Notably, some believe that the opposite is going on, and claim Calvin Ayre, a billionaire who made a fortune through an online gambling venture, is manipulating the price by selling BCH for BSV.

On Reddit, various users have pointed to various BCH addresses associated with CoinGeek that recently moved large funds as evidence the price is being manipulated. According to available data CoinGeek’s mining pool has mined roughly 70,000 BCH, which it has sold on exchanges.

Some, however, believe adoption is behind BSV’s rise. Services like FiveBucks and Ryan X Charles’ MoneyButton moved from BCH to BSV as they believe it’s more in line with Satoshi Nakamoto’s whitepaper.

Crypto Market Loses $8 Billion

Other top cryptocurrencies haven’t been performing well as well. Bitcoin, the flagship cryptocurrency, is trading at about $3,430 after falling 6.8% in the last 24-hour period, while Ethereum’s ether is at $87.2 after losing 10.7% of its value.

According to MarketWatch, in a research note about the drop Naeem Aslan, chief market analyst at Think Markets UK, stated:

The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level. Simply put, the bad news keeps coming just like cockroaches coming out of a hole.

Aslam added that bitcoin’s current price “represents an opportunity of a lifetime,” as the cryptocurrency has to stop dropping eventually, and will presumably recover later on.

CryptoCompare data shows other cryptocurrencies, including LTC, ZEC, and DASH are down anywhere between 10% and 15%, with XRP managing to go down only 6.7% to $0.305. Privacy-centric cryptocurrency.

EOS currently appears to be facing the most significant drop among top cryptocurrencies, as it’s trading at $1.73 after losing 20.3% of its value in a day. In the last two weeks, it lost 52% of its value.