Most cryptocurrency traders are not too concerned about what is happening to the majority of altcoins right now. A lot of people want to make money from the BCHSV/BCHABC debacle first and foremost. So far, prices for both tokens fluctuate wildly, with Bitcoin ABC pulling ahead. This volatility will undoubtedly remain in place for some time to come.
BCHABC Price Rises Significantly
It has been a very active day for trading both BCHABC and BCHSV. In the case of BCHABC, its value has spiked to roughly 18%, which is a healthy increase after a few days of negative pressure. Do keep in mind neither of these assets can be transferred to exchanges at this time, and only deposited and converted BCH funds are eligible for trading on the exchanges supporting both currencies.
On Poloniex, BCHABC has generated a surprising 4,360 BTC in trading volume. That is quite a steep amount, especially when considering how this token is not available for withdrawal at this time. A lot of “betting” is going on in this regard. It is partially thanks to this inflated volume the BCHABC price has maintained its value of over 0.05BTC with relative ease.
Even so, there have been a few chinks in the armor of BCHABC. Its value has been pushed below 0.05 BTC on numerous occasions, and there is ‘only” 300 BTC in actual buy support. On the sell side of the order book, nearly 12,000 BCHABC is waiting to be bought up or either dumped if the market collapses all of a sudden.
Bitcoin SV has a Very Rough Day
If there is one obvious trend to take away from pre- and post-fork trading, it is how Bitcoin SV is the most volatile of the two assets. Despite reaching a value of 0.038BTC just yesterday, its price has hit an all-time low at 0.0126 BTC earlier today. No one knows for sure what triggered this massive sell-off, albeit it is possible some miners and pools converted BCH to both assets for the split.
Despite its higher trading volume, it seems rather unlikely BCHSV will mount any real recovery over the coming hours. There is a lot of negative pressure on this market, even though the outcome of the hash war remains rather unclear. As such, speculators are making plenty of money by betting on both sides and accumulating more Bitcoin in the process.
On the orderbook, Bitcoin SV clearly has more buy support, as 491 BTC in open orders exists on Poloniex. There is also a lot more pressure on the selling side, as 40,300 BCHSV is waiting to be sold. This is without deposits being enabled, thus this figure can increase significantly moving forward. Until the “winner” of the hash war becomes apparent, this market may remain below 0.02 BTC for quite some time to come.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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Author: JP Buntinx