Bitcoin SV split from Bitcoin cash ABC after the just concluded fork on the Bitcoin cash network. The cryptocurrency Tether which claims that it’s value is tethered to the United States Dollar is indicating better performance than Bitcoin SV. The latest ranking shows Bitcoin SV just one step below tether on the list of top 100 cryptocurrencies.
Tether Outperforming Bitcoin SV
According to latest Rankings, Tether has a market capitalization of 1,856,421,736 USDT and Bitcoin SV is behind with just 17,477,861 BSV. The ranking also revealed that tether is more stable than Bitcoin SV with a 24-hour price movement of just -0.03%. Prices of the Bitcoin SV moved by about -9.01% indicating that the cryptocurrency is in a lot of turbulence.
The price of the cryptocurrency tether is directly proportional to the current price of the USD. Implying that at any given time, 1 Tether equals to 1 American dollar. The cryptocurrency developers claim that for every unit of Tether there is $1 dollar in the bank. If these allegations are all true, tether then becomes the crypto-version of the United States dollar.
On the other Hand latest price charts put BSV/USD exchange rate at $88.97. Meaning that 1 Bitcoin SV is equal to $88.97 American dollar. With the current exchange rate, the entire Bitcoin SV market would be valued for 1,555,005,293.17. This figure is still below tether’s 1,856,421,736 USDT taking 1 Tether equaling to $1.
The prices of most cryptocurrencies are determined by the forces of demand and supply. The Bitcoin SV has a supply cap of 21,000,000 BSV. Currently there are about 17,477,861 BSV in circulations. The limited supply means there is a possibility of prices improves in case the demand of the crypto improves. Bitcoin also has a supply cap of 21,000,000 BTC.
As a minable cryptocurrency both Bitcoin and Bitcoin SV will reach a period depletions. This means no more new Bitcoin or Bitcoin SV would be added in circulation. Only the circulating supply will be available. This is the time many experts believe prices to sky rock dues to increased demand of the cryptocurrency.
On the other hand, Tether is based on the Proof of Research algorithm. Mining it, however, is based on the Proof of Stake Algorithm. Tether miners need a wallet with Tether on it which acts as a stake. The proof of stakes gives tether its desired security and energy saving features. It is still uncertain if the Bitcoin SV will rally back and surpass tether again. However many industry experts believe so.
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