Bitcoin Cash ( BCH Despite its low profile in cryptocurrency headlines, BCH has been experiencing remarkable growth this year. As a branch off Bitcoin, it has now fourth-ranked become a significant cryptocurrency in the market by capitalization, achieving a 275% surge since January.
Conversely, the fate of Bitcoin SV (BSV) is quite different, as its value continues to decrease, especially following urging voices advocating for its removal from crypto exchanges.
Bitcoin Cash's ascent shows no signs of slowing down.
Information from CoinMarketCap highlights that BCH has climbed approximately 275% since the beginning of 2019. Starting the year at around $80, it has now seen its value rise to $300 with Bitcoin fork a nearly 7% spike in just the last day.
The resurgence of Bitcoin Cash has propelled its market value beyond $5 billion, leapfrogging it past Litecoin to take the fourth spot in market cap rankings. Its trading volume has also hit new records, exceeding $1.3 billion, which even overshadows XRP.
These are just a few indicators of the significant strides BCH has made since overcoming the challenges of the November hash war with BSV. On-chain transactions for BCH are over 40,000, marking a substantial rise of almost 300%.
Throughout most of 2019 so far, alternative cryptocurrencies have enjoyed a resurgence, with prices recovering significantly after the bearish market of 2018. This broad bullish trend led to a notable impact on the term altseason .
Bitcoin Cash has been a key part of this altcoin revival, contributing to the reduction in Bitcoin's share of the total cryptocurrency market cap. Then, as April rolled in, Bitcoin it too embarked on what many speculate to be the beginning of its bullish era.
The leading cryptocurrency experienced significant gains more than 20 percent within hours as BTC surged towards the $5,000 mark. Given the strong correlation in the cryptocurrency price movements, BCH mirrored this upward trend, climbing higher on the wave of BTC's price momentum.
Experts have also pointed out crucial advancements in the BCH protocol potentially enhancing the altcoin's transaction efficiency. Reports mention BCH developers are working on implementing protocol upgrades features like Schnorr Signatures and the Simple Ledger Protocol (SLP).
Bitcoin SV Falling by the Wayside
While BCH thrives, BSV seems to be struggling. On Monday (April 15, 2019), Binance announced its plan to remove BSV from its platform, set to take effect in seven days. This decision came after Binance's CEO, Changpeng Zhao, stated they would delist BSV if Craig S. Wright (CSW) and Calvin Ayre persisted in harassing their detractors.
Completely disagree
1. Binance operates as a centralized profit-driven entity
2. Among the top 20 cryptocurrencies, BSV's trade volume ranks low
3. The removal offers many long-term gains for Binance and benefits the industry as a whole @cz_binance acting for the betterment of the entire space, not just self-interest https://t.co/9zZ8vZyTOM
— Dovey \"Rug the fiat\" Wan (@DoveyWan) April 15, 2019
The issue originated from CSW compelling Hodlonaut , a well-known Twitter account, to retract statements that refuted Wright's claims to being the identity behind Satoshi Nakamoto , Bitcoin's creator. CSW, alongside Ayre and their legal team, even placed a $5,000 BSV bounty on Hodlonaut.
Recently, BSV has tumbled dramatically, even losing the gains from its initial recovery in early April. With Bitcoin SV's value decreasing over 22% and Binance’s recent announcement, the descent has only accelerated.
RIP $BSV pic.twitter.com/Po4OwJivU3
— Tuur Demeester (@TuurDemeester) April 15, 2019
Other platforms might follow Binance’s lead and delist BSV, especially given its reportedly low market liquidity. Dovey Wan, co-founder of Primitive, highlighted that BSV's trade volume is among the lowest of the top 20 altcoins. However, as previously reported by Blockonomi , OKEx plans to partner with BSV.
Conversely, critics argue that Binance’s choice contradicts the decentralized ethos of the crypto industry. Some believe that an entire project shouldn't be penalized for the actions of a few of its supporters.
