It took Bitcoin SV a.k.a. Bitcoin Cash SV (BSV) less than a month to beat its older brother Bitcoin Cash a.k.a. Bitcoin Cash ABC (BCH). For the first time a hard fork from a bitcoin chain got a bigger market share than its former self. Currently Bitcoin SV has a market cap of $1.841.025.250, that’s over 8 million dollars more than Bitcoin Cash ABC.
Despite the market sentiment, Bitcoin SV has seen a strong price rally in the past 48 hours. The coin is up over 30% and managed to overtake the position of Bitcoin Cash has number six in the charts. Bitcoin Cash has seen a steady decline, with another 12% down in the past 24 hours. The same can be said about Litecoin, while EOS fell down a massive 21% in value. Bitcoin SV is now 20 million away from overtaken Tether’s number 5 position in the market cap charts.
Bitcoin SV is the hard fork from Bitcoin Cash, led by the eccentric business man Craig S. Wright. The other version of Bitcoin Cash, often referred to as Bitcoin Cash ABC, is being led by the outspoken Roger Ver. He recently got sued for alleged market manipulation over the introduction of Bitcoin Cash in the summer of 2017.
Hard forks from existing chains often fail to outperform their older and more established brother. Ethereum Classic (ETC) is still the little brother of Ethereum (ETH), and Bitcoin is still bigger than Bitcoin Gold, Bitcoin Cash, Bitcoin Diamond and all those other forks.
When Bitcoin Cash split in two forks, BSV was valued $152. BCH was with $297 clearly bigger than the newly forked coin. Since the fork on November 15th the market has been in decline, something that perhaps was initiated by the childish behavior of both Ver and Wright in the lead-up to the fork.
Nonetheless is took BSV less than a month to overtake Bitcoin Cash. Bitcoin SV, where SV stands for ‘Satoshi Vision’, claims to be the coin that stayed true to the road Satoshi Nakamoto took when he introduced Bitcoin to the world ten year ago.
Also published on Medium.