Last month, bitcoin cash had a hard fork that resulted in making two new networks, bitcoin cash ABC and bitcoin SV. Usually, bitcoin cash sees a soft fork but this time, two new networks were formed. Since its formation, the bitcoin SV has been competing with the likes of bitcoin cash. In the first week of December, it even surpassed bitcoin cash on coinmarketcap.com to become the fifth largest cryptocurrency in the market.
A cryptocurrency enthusiast and bitcoin maximalist, Bewters, explained that for bitcoin SV to gain value, bitcoin and bitcoin cash were losing their values. Upon enquiring that if bitcoin and bitcoin cash were going to be replaced then, Bewters told his opinion to BlockPublisher. He replied:
Nope. It means once the sell pressure has finished we should expect a strong reversal.
According to him, bitcoin and bitcoin cash are likely to resume their places in the future. At the present moment, bitcoin cash ABC which is listed as bitcoin cash on most of the exchanges is heading a fight with bitcoin SV. There have been several opposing and undermining attacks from both sides.
While bitcoin cash community is glad about the absence of CSW, bitcoin SV expressed that the hard fork was a win for them as well as they are glad to get rid of Ver, Jihan, Amoral Sechet and Falkvinge. Although they both have been at war with each other, both cryptocurrencies couldn’t manage to avoid dropping low since the hard fork.