08 Apr 2020 Anthony Lehrman
Bitcoin SV Rockets Past Bitcoin Cash, Despite BCH Halving Expectations
The past couple of days saw massive gains for the majority of the crypto projects. However, the battle between Bitcoin Cash (BCH) and Bitcoin SV (BSV) now seems in favor of the controversial BSV. Bitcoin SV became notorious due to its owner, the self-proclaimed creator of Bitcoin – Craig Wright. Wright got involved in a series of lawsuits, one of them for over $7 billion worth of Bitcoin.
Bitcoin SV recorded a ten-percent price increase in the past 24 hours, gaining more traction than its rival Bitcoin Cash. Trading volumes for the sixth-largest cryptocurrency to date also increased, reaching a high of $3,769,894,685. Bitcoin Cash, however, managed to record a modest 2,56% recovery, with a distinguishable trading volume peak from April 7.
Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a better bullish stance for Bitcoin SV, as opposed to Bitcoin Cash.
Most of the bullish momentum for Bitcoin SV may be due to the expected mining reward reduction or halving. Both Bitcoin Cash and Bitcoin SV are planned to undergo a halving procedure this week, with Bitcoin Cash having already halved its blocks, causing near zero grow margins for most miners. The mining reward for verifying a block on Bitcoin Cash’s network is reduced from 12,5 BCH to 6,25 BCH. Bitcoin SV will conduct its halving a day later, also cutting rewards to 6,25 BSV.
Both BCH and BSV halvings are taking place a month before the biggest cryptocurrency to date, Bitcoin, to recieve its third halving. The procedure is set to take place at block number 630,000, which is around May 14.
Both Bitcoin Cash and Bitcoin SV are a result of a Bitcoin hard fork in 2017. Some crypto miners expect their fellow miners to migrate to other SHA-256 coins and tokens, which offer better rewards.
The increased interest in the crypto sector over the past couple of days made some of the altcoins to experience massive price increases. Bulls activated and forced Tezos (XTZ) and ChainLink (LINK) to gain 25% in just a couple of days. ChainLink, for example, recorded 11 consecutive green candles over the course of only four hours yesterday. Currently, LINK is traded at $2,82, surpassing its 200-day Exponential Moving Average (EMA) of $2.6. However, crypto traders expect the current price to become a major resistance area for LINK, according to TraderXO on Twitter. Josh Rager, crypto and derivatives trader, is on the flipside, stating that if Bitcoin continues its upward spree, “I’m expecting LINK to jump over 2,91 and hit $3,15+ easily”.
Tezos (XTZ) skyrocketed from $1,7 to currently trade for $1,99 after a high of $2.09 earlier today. The tenth-largest cryptocurrency based on market capitalization managed to jump over both 50-day and 200-day EMA. Josh Rager commented on the situation, noting that “most altcoins benefit from the current situation.” Rager added that altcoins, despite the shaky ground beneath them, have sufficient liquidity and trading volumes to at least keep the current levels. However, the possible price volatility of Bitcoin and the ongoing COVID-19 outbreak could play an essential role in a possible slump in the red.Bitcoin cryptocurrency mining Bitcoin Cash Cryptocurrency Crypto Market crypto crypto market monitoring cryptocurrencies bitcoin news cryptocurrency news cryptocoin Coronavirus Chainlink Tezos Bitcoin SV Halving