No two cryptocurrency projects are the same, regardless of the name they may share. For example, Bitcoin SV, a fork of Bitcoin Cash, which forked Bitcoin, is losing traction rapidly. Its overall statistics are abysmal and show no immediate sign of improvement.
The End May Be Nigh For Bitcoin SV
Ever since the creation of Bitcoin SV, or Bitcoin Satoshi’s Vision, there has been controversy. A team of controversial individuals spearheads the project. Moreover, the project has never succeeded and dethroning Bitcoin Cash, let alone lay claim to Bitcoin’s dominant position. Not many people expected a different outcome, even though there was a power struggle over network hashrate at one time.
Today, the situation looks very different. When comparing Bitcoin, Bitcoin Cash, Bitcoin SV, and the upcoming eCash, the battle lines are clear. On the hashrate front, no one comes close to Bitcoin’s numbers. Even with a recent drop in hashrate by nearly 50% due to Chinese miners being forced to relocate. A remarkable feat, although Bitcoin remains the world’s leading cryptocurrency for a reason.
In comparison, Bitcoin SV has 0.41% of the global hashrate. That is less than 33% of Bitcoin Cash’s mining power, a network it aimed to disrupt and eventually destroy. Moreover, just 1.35% of the overall network nodes support Bitcoin SV. Even eCash has 1.17%, indicating it may overtake BSV in this regard sooner rather than later. Granted, BSV maintains the largest block size of all networks, but that doesn’t matter much when everyone is bailing on the ecosystem.
Speaking of mining, it appears all BSV blocks are found by one pool right now. TAAL has well over 51% of the network hashrate, creating a potential point of failure. Additionally, BSV recently suffered from a successful double-spend attack, putting users at risk. Things are not looking good for this project, which received its last development update a month ago. Bitcoin, Bitcoin Cash, and eCash all saw updates within the last 24-36 hours.
Even The Exchange Volume Is Bleak
Unfortunately for BSV fans, the other prominent statistics do not look too great. Price-wise, Bitcoin SV is still down by 75% from its all-time high. Additionally, it is only up by 191.5% of its all-time low, a price range within striking distance. Reverting to that all-time low can be the end for BSV, at least from a market perspective.
One may argue that sufficient trading volume will keep the price afloat. That is certainly true, were it not for a significant lack of said trading volume. Under $190 million in 24-hour volume looks bleak, at best. The majority of this volume comes from BiONE, TOKOK, HitBTC, Changelly Pro, and OKEx. Two reputable platforms, two relatively unknown exchanges, and a platform designed for quick token swaps. Not the stellar lineup some people may want to see.
The big question is whether things can turn around for Bitcoin SV. Right now, that doesn’t appear to be the case. When the hashrate, trading volume, and price keep declining, recourse is often far away. It is not impossible, though, as these markets are unpredictable.