By looking at the current scenario, it is crystal clear that Bitcoin SV has caught itself into a downward spiral. At present, Bitcoin Cash (BCH), a cryptocurrency that BSV forked off is leading the crypto market today as it surged up 4.65%. While the whole market is bleeding red, Bitcoin cash stood blooming green in the 4th position.
At the time of writing, Bitcoin Cash is currently up over 4% trading at $314.00 USD or 0.06174636 BTC. The coin is holding the market cap value of $5,567,607,723 USD with circulating supply of 17,731,100 BCH.
The host of CNBC’s Crypto Trader show,Ran NeuNer, said , BCH’s price surging, deeming it the “biggest winner” of the whole BSV imbroglio.
On a closure view on technical analysis, Bitcoin cash price increased higher recently and settled above the $300 support area against the US Dollar. The BCH/USD pair gained traction after a major cryptocurrency exchange, binance decided to delist bitcoin SV. There was a sharp upward move in BCH/USD and the price surged above the $310 level.
However, There are many optimistic signs on the charts and seems that the price may continue to rise reaching $320 and $325 levels in the near term. On the downside, the main supports are $300 and $295.
Luke Martin , A crypto analyst states that :
Assets need exchanges to survive, so the delisting of Bitcoin SV by Binance could theoretically deal a death blow to the crypto asset. Especially if a ripple effect by one of the industry’s leaders causes other exchanges to follow suit and delist the Bitcoin Cash fork.