Bitcoin Cash (BCH) Continues Rally, Bitcoin SV (BSV) Follows Suit

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Bitcoin Cash (BCH) and Bitcoin SV (BSV) may not remain at the recent record lows, seeing as both assets are moving to regain lost ground.

$BCH and $BSV leading this #cryptocurrency BULL run! 🚀 pic.twitter.com/uqT4fP6SZp

— CryptoCurrency 🤑 (@crypto_goat_) December 20, 2018

The split of the Bitcoin Cash chain about a month ago created two versions of the asset, the Bitcoin ABC version inheriting the BCH ticker. The hard fork also led to turbulence, which dragged down both BCH and BSV to all-time lows. But on Friday, around 7:30 UTC, the coins posted additional gains.

BCH rose by another 42% in 24 hours to $194.93 after briefly going as high as $227.95. While BCH grew for a few days in a row, BSV just started to take off above $100, adding more than 31% overnight to reach $117.69.

BCH and BSV started trading on very thin volumes amid growing skepticism about the stability of the two chains, but the activity and price action gradually picked up. BCH continues to have a price advantage although there are expectations that BSV may persist with a form of trade war, attempting to gain prominence on exchanges. Both assets see high activity on Binance, but BSV has significant support in the USDT pair, with more than 58% of total volumes. BCH/USDT makes up 46% of trades, with a significant component of speculation against BTC as well.

There are warnings that the two assets are extremely volatile, and the price movements may lead to sudden losses. For now, volumes have pulled out from a near-stagnation, with BCH clocking $1.9 billion in 24 hours and BSV recording $633 million in trades.

Other Bitcoin forks had minor rallies, seemingly related to the general market recovery. Bitcoin Gold (BTG) added more than 21% in 24 hours to reach $15.78, and Bitcoin Diamond (BTCD) rose more than 24% to $1.09. However, the size of the pumps is not unusual, and it may be just a short-term recovery.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

Source:  CRYPTOVEST