Forks Bitcoin Cash (BCH) and Bitcoin SV (BSV) have posted astronomical gains following Bitcoin’s run up to $5,000. After getting decimated by the hash wars following BSV’s split from BCH, it appears that the bull trend has revitalized the two projects. Within the last 24 hours, bitcoin accelerated from $4,200 to $5,000 within 50 minutes. The jump in price was unexplainable at the time, but reasons ranging from a massive buy-order to a string of short squeezes have been offered as explanations.
Gains in the three hours following Bitcoin’s run-up were concentrated in BTC. Now that bitcoin is holding above $4,600, it appears that investment is flowing back into altcoins. The numbers support this, with Bitcoin up 18 percent in the last 24-hours while the overall market is up 19 percent. Meanwhile, to the surprise of some, two of the top gainers are Bitcoin forks BCH and BSV. Now, it appears that the renewed confidence in Bitcoin is being manifested in extraordinary gains in its forks. Within the last three hours, Bitcoin Cash has seen incredible buy-side pressure, going from $167 and peaking at $300 before settling above $250—gains of over 60 percent.
Bitcoin Cash was the product of an August 2017 fork. Roger Ver, a former BTC core developer, argued that Bitcoin needed to more effectively scale for widespread adoption. Ver pushed for an increase to the protocol’s block size limit. The Bitcoin community was resistant to the change on the grounds of security and accessibility, as larger blocks would potentially make the network more centralized due to its impact on smaller miners. The disagreement culminated in a fork that split the communities, with Bitcoin trading at $2,700 and Cash at $240 at the time of the fork.
BTC forks post astronomical 24 hour gains, Bitcoin Cash up 60%, Bitcoin SV jumps 40%, CryptoSlate, Apr 03