Despite losing the war, Bitcoin Cash SV appears to now be winning a battle. If you were lucky enough to have purchased the plucky token during the past day, you’d be among the few crypto investors to have made any money lately.
The token surged 32% in the last 24 hours.
Ah, the hash wars! You remember last week’s excitement: Bitcoin Cash SV wanted to go back to the “original” Bitcoin while its antagonist, Bitcoin ABC, wanted to add new bells and whistles.
Nobody bought it.
And nobody was buying the coin too—at first. The price of Bitcoin Cash SV fell from $571 to $40. In contrast, the price of Bitcoin Cash ABC fell to a low of $160 from the same value. In fact, many were writing off Bitcoin Cash SV to be consigned to the cryptocurrency wastelands of Bitconnect and Centra. Other signs of bad health included the coin being controlled by one party, with CoinGeek controlling 67% of the network’s hashrate–computing power that controls who processes transactions. And while some of these have not been addressed, the coin has had some light relief.
So what explains the rally? No one knows, exactly. But something (or someone) caused the price of Bitcoin Cash SV to surge 32% in the last 24 hours. It rose to a high of $126 before settling at $109—meaning it had gone up 272% since its lowest price. The attendant euphoria has affected at least one holder who believes it will rise above the price of Bitcoin Cash ABC.
It is unclear what has caused this surge but it’s possible that CoinGeek is buying up the coins for the network it controls, meaning it has its own cryptographically secure monopoly money. Or other traders are seeing long-term value for a centralized coin with little community support. Either way, we’re not buying it.