With all of the bullish activity taking place across the cryptocurrency markets, an interesting development has become apparent. Bitcoin SV has successfully overtaken Bitcoin Cash in market capitalization.
This is a pretty big surprise, as the value per BSV sat at just $117 a few days ago. Today, it is worth $358, after coming down from the peak of $440.
The Fork Market Cap Rankings
The current cryptocurrency market capitalization rankings look rather interesting. Bitcoin has managed to inch ahead further. Its closest competitor remains Ethereum. However, both projects are separated by $140 billion in total valuation. Ripple’s XRP asset remains firmly in third place.
Further down the rankings, however, things have gotten a lot more interesting. Bitcoin SV is now ahead of Bitcoin Cash. Their market caps are $6.85 billion and $6.11 billion respectively. A rather high value, considering both coins are forks of bitcoin itself.
Other forks of bitcoin have also done well in recent days. Bitcoin Gold is now up to a market cap of nearly $280 million again. Bitcoin Diamond sits at just over $121 million. Having “bitcoin” in the name still seems to attract a lot of investors and speculators.
Bitcoin SV Supremacy
Following these recent developments, Bitcoin SV has inched ahead of Bitcoin Cash. This is both in market cap and overall trading volume over the past 24 hours. Traders need to keep in mind this is only a temporary snapshot of how both projects stack up against one another.
That said, it appears that Bitcoin SV is simply rising in value a lot quicker. The value per BSV has more than doubled over the past few days. BCH, On the other hand, has gone from $241 to $341. A $100 increase is more than acceptable, yet it pales in comparison to what BSV is doing this week.
Looking beyond the price, network statistics are also changing in favor of Bitcoin SV. Coin.Dance shows that Bitcoin Cash has a lower overall hashrate compared to SV. It also has fewer transactions, which is not a good sign. Bitcoin Cash controls more network nodes, however, which is a crucial factor that should never be overlooked.
From a mining point of view, Bitcoin SV is the most profitable of the three right now. Especially when using it in conjunction with merged mining, a lot of money can be made under the current circumstances.
What Will Happen Next?
As long as all cryptocurrency markets continue to push higher, anything can happen. It seems plausible to assume that some of these markets will come down in value eventually. When that will happen exactly, is very difficult to predict. These markets are volatile in nature, which often makes them incredibly unpredictable.