The recent changes affecting all major cryptocurrencies yield some surprising developments. Bitcoin Cash and Bitcoin SV, the two primary Bitcoin forks, are losing ground quickly. So much that the market cap of Litecoin surpasses the combined valuation of these forks.
Litecoin Picks Up The Pace
It has been coming for a while, yet Litecoin is slowly regaining its composure. After many years of strife and setbacks, it is now the 5th largest cryptocurrency by market cap. With a current market cap of $11.743 billion, the asset ranks below Bitcoin, Ethereum, Tether, and XRP.
It has to be said, Litecoin’s ongoing price surge is impressive. A substantial 42% gain over the week is nothing to sneeze at. This is on par with both Bitcoin and XRP, yet worse thab what Ethereum puts on the table lately. Cardano, in market cap just behind Litecoin, is also noting substantial gains as of late.
What is remarkable is how both Bitcoin forks are dropping in the ranking. Bitcoin Cash maintained the number 5 spot in the market cap rankings. That is no longer the case, as it currently sits in 8th place. A 28.9% gain over seven days is decent but well behind other projects.
The same idea applies to Bitcoin SV. Although never as successful as BCH in this department, it risks dropping out of the top 15 altogether. The BSV market cap notes a 5.3% gain for the week, which is well below what other projects are doing lately. It still holds on to a total cap of over $3.2 billion, but that may not last for much longer.
Bitcoin Forks Become Irrelevant
Putting everything into perspective, Litecoin’s current market cap is higher than that of BCH and BSV combined. Litecoin’s value sits at $11.743 billion, whereas BCH and BSV combine for just $11.579 billion. An unexpected development, yet one that brings a smile to many faces. Both of these Bitcoin forks bring next to nothing to the table.
Whether that makes Litecoin more supreme to Bitcoin Cash and Bitcoin SV is a different matter. All currencies have their unique features, and there is always debate about what makes a crypto-asset “viable”. Litecoin often has far better network statistics than these forks, giving it a competitive edge.
As Bitcoin continues to set new all-time highs, things will remain very interesting. As altcoins are not struggling to keep up, these rankings can shift significantly in the days and weeks to come. For Litecoin, overtaking XRP remains possible, but it will be a tough challenge.