Bitcoin Cash experienced a hard fork on 15th November this year when the cryptocurrency was split into two: Bitcoin Cash SV and Bitcoin Cash ABC. With continuous hash wars going on between the two sides, the cryptocurrency community is still confused as to which of these is going to surpass the other.
Bitcoin Cash SV Price Surge
The Bitcoin Cash SV is experiencing a surge in price from the last 24 hours. Bitcoin Cash SV was trading around $38 yesterday when the bulls started to gain pace and moved up by 31% in the last 24 hours according to data from CoinGecko. The coin is currently trading around $68 when signs of more gains.
Bitcoin Cash ABC Vs Bitcoin Cash SV
The team behind Bitcoin Cash ABC aims to improve the technology of Bitcoin Cash whereas the team on the side of Bitcoin Cash SV aims to increase the block size of the currency to 128 MB.
Support: The Bitcoin Cash ABC is being supported by mining pools such as Bitcoin.com and Bitmain, the SV side is supported by CoinGeek.
During the hard fork, Bitcoin.com which is owned by Roger Ver, the leader of the Bitcoin Cash ABC team moved the hashrate of BTC to BCH from the mining pool which led the hash rate of BCHABC to be on the upper side as compared to BCHSV. But as of now, the BCHSV team is gaining pace as the hashrate of the currency has moved up with a current hashrate of 3100 PH/s as compared to BCHABC which has a hashrate of 3300 PH/s currently.
Cryptocurrency Analysts are speculating Craig Wright, the leader of BCHSV and Calvin Ayre, the founder of CoinGeek to be artificially pumping the price of BCHSV which is being termed as Trade Wars.
As of now, as the price of Bitcoin Cash SV has surged, more miners may start mining BCHSV rather than BCHABC as mining profit is now more on SV’s side. If more and more miners turn up to SV’s side, it would gradually make BCHSV gain the majority of hashrate. Cryptocurrency Mining data says that currently, the miners are gaining 270% more profit by mining BCHSV than BTC (Bitcoin).
Can the price of Bitcoin Cash SV surpass the price of Bitcoin Cash ABC due to the growing hashrate? What do you think? Tell us in the comments section below.