BCH and BSV are overwhelmed by Bitcoin price in 2021

Bitcoin (Bitcoin) Looks like it will beat its forked version of Bitcoin Cash (Bitcoin cash) And Bitcoin SV (BSV) In terms of cost performance in 2021, market data shows.

It is worth noting that as of press time, the year-to-date (YTD) return rate of BTC is close to 60% The price is hovering around $47,500In contrast, BCH assembly Slightly more than 26% to $435.50, while BSV prices plummeted by more than 25% It was $122.30 during the same period.

But the biggest gain is still Bitcoin Cash and Bitcoin SV’s performance against Bitcoin. Specifically, the BCH/BTC exchange rate fell more than 22.50% year-to-date to 0.00916.At the same time, BSV/BTC has fallen nearly 55% year-to-date to 0.00258 BTC, indicating Capital rotation Bitcoin forks.

Market dominance

In addition, the forked Bitcoin token-once listed as the top ten cryptocurrency by market capitalization-lost its status as an emerging first-tier blockchain project.

It is worth noting that Solana’s arrival (Sol), Cardano (have), soil (Luna), avalanche (AVAX) And other agreements open up more ways for cryptocurrency traders to deposit funds.

On the other hand, the main selling point of Bitcoin Cash and Bitcoin SV is still the claim to have greater scalability, which has not attracted the attention of investors because Bitcoin’s transaction fees drop This year it has increased by more than 50%.

This has led to a decline in the market dominance of Bitcoin Cash and Bitcoin SV. Although the share of BCH in the entire crypto market fell from 0.84% ​​at the beginning of this year to 0.37%, the market share of BSV also fell from 0.40% to 0.10% during the same period.

Bitcoin, its Market dominance has also declined Nevertheless, from 70% to below 40%, it outperforms Bitcoin Cash and Bitcoin SV.This is mainly because retail and institutional investors are increasingly adopting it because they are looking for safe-haven assets against central banks Easy monetary policy that is conducive to inflation.

Inflation is rising, debts are rising, interest rates are close to zero, and some countries are negative…

Yes it feels good to be a #Bitcoin Holder!

-Lack Davis (@TheCryptoLark) December 19, 2021

Bad development data

According to the activities of the developers, Bitcoin is also superior to BCH and BSV.

Data obtained by CryptoMiso.com show Bitcoin this year approved 2,937 changes to its source code proposed by more than 100 contributors, which is the seventh largest number of commits recorded on GitHub. In comparison, Bitcoin Cash and Bitcoin SV processed 1,099 submissions and 496 submissions in the same period.

The higher the number of submissions indicates that more developers want to improve the open source project of interest. Conversely, a lower count reminds the protocol to improve slowly.

Ultimately, Bitcoin SV performed the worst than Bitcoin Cash in terms of cost performance, market dominance, and developer activity.Investors also keep their distance because Bitcoin SV network suffered 3 51% attacks And its Co-founder Craig Wright is still involved in the lawsuit, As Cointelegraph previously reported.

Now, if the BSV price falls below the long-term support level near $121.50, it may face more losses in the future, as shown in the chart below.

Conversely, a fall from the $121.50 support level may allow BSV prices to test its 50-week exponential moving average (EMA) (currently close to $167) as the next upside target.

related: Top cryptocurrency winners and losers in 2021

Similarly, the latest decline in BCH prices has brought it close to multi-year uptrend line support. Therefore, a pullback from the above levels may cause the Bitcoin Cash token to consider approximately $600 as its next upside target, as shown in the Fibonacci levels below.

Otherwise, the risk of falling below the long-term support level will bring the BCH price close to $195, which is a level with a history of pushing up prices.

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