Bitcoin SV, which split from Bitcoin cash last month after a so-called hash war, when two developer camps battled for control of the Bitcoin fork, is in danger of being market capitalized as rivals like Tron, Cardano from the ten largest cryptocurrencies falling out, IOTA and Monero are making profits.
Bitcoin cash that many exchanges have already used To reference the Bitcoin Cash ABC implementation, and Bitcoin SV, which failed to gain control of the Bitcoin Cash name, have both been down since late November, falling more than the rest of the competitive cryptocurrency market.
Bitcoin SV was not up as much as most of the other big coins this week, with the original Bitcoin, Ripple (XRP) and Ethereum climbing.
Bitcoin cash has lost a whopping 45% of its value since late November, while Bitcoin SV is down 35%. This is comparable to Bitcoin’s 15% decline over the same period. This comes from pricing data from CoinMarketCap, a cryptocurrency data website.
However, according to CoinDesk data, the Bitcoin cash price has risen sharply in the past 24 hours, increasing by around 25%.
The problems with bitcoin cash, which parted ways with bitcoin in August last year, began in November when two development teams and miners failed to agree on a direction for the discussion about bitcoin cash. The series revolved around the same thing where bitcoin cash was separated from bitcoin in first place – block size.
After the split, and after both sides refused to step down, fears grew that a hash war in which they would fight for superior computing power would mean both networks would become weaker.
These fears sparked a market-wide sell-off in cryptocurrency that resulted in many investors exiting their positions as years of concerns over slow retail adoption, an increasing regulatory threat, and elusive institutional investments sparked a perfect storm.
The bitcoin bear market, which hit the sector year-round, turned into what is known as a crypto winter, with many large digital tokens losing billions of dollars in value and wiping out many smaller coins almost overnight.
Bitcoin cash surged to over $ 4,000 per coin in the epic bull run for cryptocurrencies last year, but is now down a staggering 97% from those highs.
Bitcoin SV has come under pressure in the past few weeks after a researcher reportedly managed to spend the same coins twice on so-called “0-conf transactions”.
“I made a lot of double-spending on the Bitcoin SV network,” wrote cryptocurrency research known as Reizu in a blog post about Honest Cash, a BCH-based social network that was created after the hard fork in November.
Bitcoin SV users have also been warned that the network is too centralized. According to Reizu, four Bitcoin SV network nodes control 75% of its hash rate, making it vulnerable to attack and weaker than more decentralized crypto networks.
Craig Wright, chief scientist at blockchain research firm nChain and one of the most outspoken proponents of Bitcoin SV, has argued that the ultimate value of Bitcoin SV will be determined by its use as a medium of exchange.
“It’s time to stop thinking about the casino [exchange] Bitcoin price. Value comes with usage. That is, as an on-chain ledger. Frame. 128 next, then 512mb Business buy space, they don’t care about exchange rates as it depends on the cost of use. Miners are paid, valuable results, “Wright, who previously claimed to be Satoshi Nakmoto, the mysterious creator of bitcoin and blockchain, said earlier this week on Twitter.