Bitcoin has had a rough 2019. As prices hit highs and lows, the whole crypto market took a dip in response to Bitcoin’s volatility. Despite this downturn, many cryptocurrency projects are still bullish on Bitcoin as an overall investment vehicle moving forward
Bitcoin Cash and Bitcoin SV are both coins that were created from the fork of Bitcoin. The two coins have had a tumultuous relationship with each other. In 2021, bitcoin will be worth over $100,000 per coin. This means that the BCH and BSV will get crushed by this price in 2021. Read more in detail here: btc price.
According to market statistics, Bitcoin (BTC) is expected to outperform its split variants Bitcoin Cash (BCH) and Bitcoin SV (BSV) in terms of price performance in 2021.
BTC’s year-to-date (YTD) gains were approaching 60% at press time, with its price fluctuating about $47,500. In instance, BCH rose a little more than 26% to $435.50, while BSV fell more than 25% to $122.30 within the same time period.
The most important conclusion, though, was the success of Bitcoin Cash and Bitcoin SV in comparison to Bitcoin. The BCH/BTC rate has dropped by almost 22.50 percent YTD to 0.00916. Meanwhile, BSV/BTC has dropped roughly 55% year-to-date to 0.00258 BTC, indicating capital outflows from Bitcoin forks.
Daily candle price chart for BCH/BTC and BSV/BTC. TradingView is the source of this information.
Dominance in the market
Furthermore, forked Bitcoin tokens, which were formerly among the top 10 cryptos by market capitalization, have lost ground to layer-one blockchain initiatives.
The emergence of protocols like as Solana (SOL), Cardano (ADA), Terra (LUNA), Avalanche (AVAX), and others, for example, gave crypto traders additional options for where to put their money.
The key selling point of Bitcoin Cash and Bitcoin SV, on the other hand, remained promises of better scalability, which failed to gain momentum with investors as Bitcoin’s transaction costs dropped by more than 50% this year.
As of Dec. 30, 1330 UTC, the top 25 crypto assets were doing well. Messari is the source.
As a consequence, both Bitcoin Cash and Bitcoin SV’s market share has diminished. While BCH’s market share in the overall crypto market fell to 0.37 percent from 0.84 percent at the start of the year, BSV’s market share fell to 0.10 percent from 0.40 percent over the same time period.
Despite the fact that Bitcoin’s market share has dropped from 70% to under 40%, it outperformed Bitcoin Cash and Bitcoin SV. This is largely due to its growing popularity among ordinary and institutional investors seeking safe havens from central banks’ inflation-friendly loose monetary policies.
Inflation continues to rise, debt continues to rise, and interest rates remain near zero, if not negative in certain nations…
It’s great to be a #bitcoin holder!
December 19, 2021 — Lark Davis (@TheCryptoLark)
Data on abysmal development
Bitcoin also outperformed BCH and BSV in terms of development activity.
According to data obtained by CryptoMiso.com, Bitcoin authorized 2,937 modifications to its source code submitted by over 100 contributors this year, the seventh-highest number of contributions ever recorded on GitHub. In the same time span, Bitcoin Cash and Bitcoin SV processed 1,099 and 496 commits, respectively.
Commitments for Bitcoin Cash and Bitcoin SV in 2021. CryptoMiso is the source of this information.
A greater number of commits indicates that more developers are interested in improving the open-source project in question. A smaller count, on the other hand, indicates a slower pace of procedure improvement.
In the end, Bitcoin SV proved to be the weakest performer in terms of price, market domination, and development activity when compared to Bitcoin Cash. As Cointelegraph previously reported, investors stayed away from the Bitcoin SV network after it suffered three 51 percent assaults and its co-founder Craig Wright remained entangled in a lawsuit.
Now, if BSV price breaks below a long-standing support level at $121.50, as seen in the chart below, it may suffer more losses.
Weekly price chart for BSV/USD. TradingView is the source of this information.
A drop from the $121.50-support level, on the other hand, might lead to a challenge of the BSV price’s 50-week exponential moving average (now around $167) as the next upward objective.
2021’s top cryptocurrency winners and losers
Similarly, the recent decrease in the BCH price has placed it close to its multi-year rising trendline support. As a result, if the Bitcoin Cash token pulls back from the stated level, it might aim for $600 as its next upward goal, as demonstrated by Fibonacci levels below.
Weekly price chart for Bitcoin Cash (BCH/USD). TradingView is the source of this information.
Breaking below the long-term support level, on the other hand, risks sending the BCH price to approximately $195, a level that has a history of driving prices upward.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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Bitcoin has been a great asset for the cryptocurrency market and is predicted to be worth $1 million by 2021. Reference: bitcoin projected value.
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