The cryptocurrency market has been enjoying a spectacular price surge of late, one that has been unseen for over 4 months. This rate of growth has not just accentuated the prominence of a bull market but has also been marked with significant strides taken by Bitcoin SV.
Bitcoin SV’s price jump of 185 percent has allowed it to break multiple records and climb to the fourth position on the charts. The cryptocurrency’s remarkable jump was noticeable because the second-biggest weekly gainer was Dash with a growth rate of 93.63 percent.
The hard fork of Bitcoin Cash has been receiving accolades from many with a majority also praising Calvin Ayre and Craig Wright. Although no concrete reason has been discovered to back this gain, many are just alright looking at the moon shot. At press time, Bitcoin SV was trading for $394.08, leaving behind Bitcoin Cash in fifth place.
The 104.54 percent growth on the 24-hour spectrum also allowed BSV’s market cap to climb to $7.12 billion. At the same time, Bitcoin Cash held a market cap of $6.2 billion. Another key factor of this growth has been at its sheer pace. Just 24-hour ago, BSV was trading for $171.8 post which the chart just showed a perpendicular climb. The neck and neck situation between BSV and BCH is being closely monitored by the entire community because of the much-hyped ‘flippening’.
Since the hard fork of Bitcoin Cash back in November 2018, BSV has always stayed below its compatriot and bitter rival, BCH ABC on the charts. Members of the community then coined the term ‘flippening’ to mark the event of BSV overtaking BCH, if it were to ever happen. Some experts have even begun to shoot queries about naming the price phenomenon.
Although a majority of the industry believe that Bitcoin Cash price will hold on strong to the fourth place, there are still growing concerns in the BCH camp. They reasoned that despite the lack of confidence in Bitcoin SV, it had still managed to surpass high flyers like Binance Coin, EOS and Litecoin. This is the first time, however, that BSV has come this close to challenging its foe.
The price of Bitcoin Cash has also simultaneously increased, albeit at a much lower rate. BCH fans can take heart in the fact that the cryptocurrency was the second biggest winner in the top 10 club, beating out the likes of Litecoin and EOS.