Market Plunge Shakes Up Bitcoin Cash (BCH); Satoshi Vision (BSV) Takes Fifth Largest Cap
The global cryptocurrency market plunged a further 13% leading into Friday morning, compounding 20% losses since the start of the week.
Multiple altcoins lost close to 30% of their value overnight, while Bitcoin fell to the $3,300 range and saw its overall dominance boosted to 55.4% – its highest since September.
Meanwhile, there was a rearranging of deck chairs on the Titanic as the two Bitcoin Cash coins underwent a reversal of fortune regarding their respective market caps.
Bitcoin Cash (BCH/ABC)
Bitcoin Cash (BCH) dropped down to seventh spot by market cap on Friday as the coin’s dollar valuation struck $97.62 – a 20% decrease on the $122.14 price the day before. A rally back to $114 couldn’t be sustained, and the coin returned to the $102 range at time of writing.
The drop was enough to see BCH overtaken by Tether (USDT) and Bitcoin Satoshi Vision (BSV), adding to the misery for BCH following its ‘flippening’ by Stellar (XLM) earlier in the month.
The drop also coincides with the arrival of a lawsuit levelled against Bitmain, Roger Ver, Kraken and others, by United American Corp. According to the newswire drop, Miami-based ‘UnitedCorp’ has alleged in the suit that:
“…the defendants collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
President of UnitedCorp, Benoit Laliberte, said:
“We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time.”
Bitcoin Satoshi Vision Price – (BSV/USD)
BSV was the only coin in the market cap top hundred to record growth on Friday, except the ‘stablecoins’, and shot to 26.9% gains overnight.
That carried BSV from a price of $89.54 to $113.67, and moved the coin into position as the fifth highest capped cryptocurrency, pushing EOS (EOS) down to seventh place in the process.
Trade volumes for BSV rose from $79 million to $300 million in that time – the second highest volume recorded to date. Close to 40% of the total came from Binance’s BTC and USDT pairs.
Major proponent and backer of BSV, Craig Wright, rubbed salt in the wounds of BCH on Friday morning, while talking up his own preferred fork, stating:
“Price is determined by utility. Bitcoin SV is the original Bitcoin, it scales unboundedly and there is no use case it does not fulfil.”
On the other side of the Bitcoin Cash split, BCH’s own millionaire backer, Roger Ver, recently criticized Wright for his unfulfilled promises to the Bitcoin Cash community, as summarized in Ver’s caustic tweet.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.