No flexing for Bitcoin Cash users as BCH loses 98% against Bitcoin

Market Analysis

Bitcoin (BTC) has hit new record highs this week — not in U.S. dollar terms, but against its longtime competitor, Bitcoin Cash (BCH).

Data from Cointelegraph Markets Pro and TradingView confirms that on June 29, BCH/BTC officially set its lowest ever price.

CoinFLEX debacle ensnares BCH supporter Ver

Bitcoin Cash, also known as “Bcash” by those critical of the coin’s ethos and future, gained notoriety in 2017 when it became the first major hard fork of the Bitcoin network to take on BTC itself.

Months after launching, the altcoin hit highs of around 0.43 BTC per token, this proving something of a fakeout for investors who have spent the intervening period watching its value steadily decline.

Arguably the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with price woes having little impact on his rhetoric.

This month, however, Ver courted controversy when reports emerged that he owed $47 million in stablecoin USD Coin (USDC) to crypto investment platform CoinFLEX.

Ver denies the claims, with a social media storm ensuing which is ongoing this week. Regardless of the outcome, its impact on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of just 0.005 — 98.83% below its 2017 peak.

BCH/BTC 1-month candle chart (Binance). Source: TradingView

The event was not lost on commentators, many of whom remembered Ver’s insistence that BCH would rise to replace BTC altogether.

Even Bitcoin SV outperforms BCH

For another vehement anti-Bitcoin spin-off, the situation is barely any better.

Related: Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’

Bitcoin SV (BSV), the offspring of BCH which emerged during community infighting, hit all-time lows of its own against BTC in May.

Since then, a modest rebound has occurred, taking BSV/BTC to 0.0016 BTC — a mere 94.48% below its all-time high of 0.029 BTC seen at the start of 2020.

BSV/BTC 1-month candle chart (Binance). Source: TradingView

On the plus side, BSV now buys more BCH than at any time since December of that year.

BSV/BCH 1-week candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Articles You May Like

6 Questions for Tongtong Bee of Panony
Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets
Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interest
3 Bills Introduced in US to Make CFTC Primary Regulator of Crypto Spot Markets
Total value locked in DeFi dropped by 66%, but multiple metrics reflect steady growth