Bitcoin Cash (BCH) Overtakes New Rival Bitcoin SV (BSV) After Gemini Exchange Inclusion
Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) have been in a tight competition to see which is the largest virtual currency of the two in terms of market capitalization. Back on November 15, the Bitcoin Cash network experienced an upgrade that resulted, after a hash war of over 10 days, in a chain split.
During the first days after the chain split, Bitcoin Cash – which represented the Bitcoin ABC proposal – was the leader in the market. However, when virtual currencies plummeted even further a few days ago, Bitcoin SV surpassed Bitcoin Cash in the market. Now, BCH recovered its position having $1.87 billion market capitalization compared to Bitcoin SV’s $1.69 billion.
It seems that the price increase of Bitcoin Cash is related to the fact that the U.S.-regulated cryptocurrency exchange of the Winklevoss Twins, Gemini, decided to add support for Bitcoin Cash. The information was released a few days ago by Gemini in a blog post.
The company wrote as follows:
“We are thrilled to announce support for Bitcoin Cash trading and custody on Gemini. Beginning Saturday, December 8th at 9:30 am ET you will be able to deposit Bitcoin Cash into your Gemini account.”
The blog post informs that trading activities will begin on Monday, December 10th at 1 pm ET. In this way, Gemini will have five different virtual currencies available on its platform including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Zcash (ZEC).
The trading pairs that Gemini is going to list are BCH/USD, BCH/BTC, BCH/ETH, LTC/BCH and ZEC/BCH. They informed that the company will only be supporting the Bitcoin ABC network rather than Bitcoin SV. In the future, the company says that they continue to evaluate Bitcoin SV as a possible new virtual currency to add to the platform, but this is something that may or may not happen.
Gemini has been working closely with the New York State Department of Financial Services (NYSDFS) in order to obtain approval to offer Bitcoin Cash trading and custody services for customers.
The decision to add Bitcoin Cash to the platform was announced in May when they received the approval from the New York Department of Financial Services. However, due to the fact that the network was going to experience a fork, they’ve decided to delay the launching of this virtual currency.
During the hard fork that affected the Bitcoin Cash network, several companies and platforms suspended the deposit and withdrawal of Bitcoin Cash in order to avoid further problems during the network upgrade.
At the time of writing this article, Bitcoin Cash is being traded around $107 and BSV close to $96. In the last 24 hours, Bitcoin SV lost 4.38% and BCH increased its value 4.97% according to CoinMarketCap.