In an interesting turn of events, Bitcoin SV, the newly created hard-fork of Bitcoin cash, has overtaken its rival to become the fifth most valuable altcoin in the market (by total market capitalization). It is also worth noting that as things stand, nearly all of the altcoins in the top 20 are experiencing massive losses. However, in the midst of all this bearish action, Bitcoin SV has managed to gain around 23% in value.
This recent swing has led to investors suddenly start looking at BCH SV in an all new light. This is because the recent BCH ‘hash war’ saw SV and ABC compete as a result of which the entire altcoin industry was affected quite severely.
A Brief History Of The Recent BCH Hard Fork Saga
As many of us may well remember, the recent BCH spectacle was a result of two competing groups looking to create forks (one of whom would receive the mantle of being called ‘Bitcoin Cash’). After weeks of financial uncertainty, the SV team conceded defeat and gave up the BCH title to Bitcoin ABC.
At the time, SV representative Calvin Ayre stated that his faction was looking to move on from this episode as they believed that laying claim to the BCH name wasn't important anyway.
In a recent interview, Ayre noted:
“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”
Upon completion of the recent Bitcoin Cash hardfork, it appeared as though Bitcoin SV was destined for obscurity, however, in a significant turn of events, the currency has suddenly been able to garner a lot of financial traction. While, it is quite improbable that SV will challenge BTC’s market dominance anytime soon, the hype that the newly formed currency has been able to generate is impressive (to say the least).