/Flippening: Bitcoin Cash Now Worth Less Craig Wright-Backed Bitcoin SV

Flippening: Bitcoin Cash Now Worth Less Craig Wright-Backed Bitcoin SV

bitcoin cash bitcoin svbitcoin cash bitcoin sv

In a development that it’s fair to say few saw coming, bitcoin sv — the cryptocurrency introduced through last month’s Bitcoin Cash hard fork — is now worth more than the bitcoin cash token itself.

CCN reported yesterday that a “flippening” between the two cryptocurrencies appeared to be inbound, as the BSV price steadily gained on BCH even as the wider crypto market plunged — and the bitcoin price crashed to a new yearly low.

bitcoin cash pricebitcoin cash price
Bitcoin Cash (Blue) vs. Bitcoin SV (Red)

On Kraken, which gained notoriety for its warnings about the dangers of holding the “risky” BSV token, bitcoin sv has climbed to $107, pricing it $6 above bitcoin cash. Overall, BSV now has a $1.827 billion market cap, giving it an extremely slight edge over BCH’s $1.808 billion.

bitcoin cash market capbitcoin cash market cap
Source: CoinMarketCap

It remains unclear what is driving the BSV rally and BCH sell-off, given that the latter retains more support among crypto exchanges and other infrastructure providers. However, unverified rumors that crypto mining giant Bitmain lost hundreds of millions of dollars last quarter may be weighing on BCH, given that the firm is one of the coin’s top backers and is said to be one of the world’s largest holders of BCH.

Moreover, billionaire gambling tycoon and CoinGeek founder Calvin Ayre — along with other BSV backers with deep pockets — could be providing BSV with buy support to prevent it from suffering under the weight of the present sell-off, much as they have continued to mine BSV even when it is significantly less profitable than bitcoin (BTC) and BCH. However, much like the rumors about Bitmain’s financial state, this remains mere speculation.

There’s also the ever-present possibility that traders are engaging in a BCH/BSV pump-and-dump, which would quickly become evident if the state of play reverses in the coming days.

In any case, CCN will continue to provide coverage and analysis of the continuing war between BCH and BSV, and you can track the bitcoin cash price in real-time by clicking here.

Featured Image from Shutterstock. Charts from TradingView.

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