Little forkers: BCH and BSV get crushed by Bitcoin price in 2021

Bitcoin
(BTC)
looks
set
to
beat
its
forked
versions
Bitcoin
Cash
(BCH)
and
Bitcoin
SV
(BSV)
in
terms
of
price-performance
in
2021,
market
data
shows.

Notably,
BTC’s
year-to-date
(YTD)
returns
sat
near
60%
at
press
time
as
its

price
wobbled
near
$47,500
.
In
comparison,
BCH

rallied

a
little
over
26%
to
$435.50,
while
the

BSV
price

plunged
over
25%
to
$122.30
in
the
same
period.

But
the
biggest
takeaway
remained
the
performance
of
Bitcoin
Cash
and
Bitcoin
SV
against
Bitcoin.
In
detail,
the
BCH/BTC
rate
declined
over
22.50%
YTD
to
0.00916.
Meanwhile,
BSV/BTC
dipped
by
nearly
55%
YTD
to
0.00258
BTC,
signaling

capital
rotations

out
of
Bitcoin
forks.


BCH/BTC
and
BSV/BTC
daily
candle
price
chart.
Source:
TradingView

Market
dominance

Additionally,
forked
Bitcoin
tokens

once
counted
among
the
top-ten
cryptos
by
market
capitalization

lost
their
positions
to
the
emerging
layer-one
blockchain
projects.

Notably,
the
arrival
of
Solana
(SOL),
Cardano
(ADA),
Terra
(LUNA),
Avalanche
(AVAX),
and
other
protocols
opened
more
avenues
for
crypto
traders
to
park
their
money.

On
the
other
hand,
Bitcoin
Cash’s
and
Bitcoin
SV’s
main
selling
point
remained
claims
of
greater
scalability,
which
didn’t
gain
traction
with
investors
as
Bitcoin’s
transaction
fees

fell
by
over
50%
this
year


Performance
of
top
25
crypto
assets
as
of
Dec.
30,
1330
UTC.
Source:
Messari

That
resulted
in
a
decline
in
the
market
dominance
of
both
Bitcoin
Cash
and
Bitcoin
SV.
While
the
BCH’s
share
in
the
entire
crypto
market
slipped
to
0.37%
from
0.84%
at
the
beginning
of
this
year,
the
BSV’s
market
portion
also
declined
to
0.10%
from
0.40%
in
the
same
period.

Bitcoin,
whose
market
dominance

also
slipped

from
70%
to
under
40%,
performed
better
than
Bitcoin
Cash
and
Bitcoin
SV,
nonetheless.
That
is
primarily
because
of
its
rising
adoption
among
retail
and
institutional
investors
as
they
searched
for
safe-havens
against
the
central
banks’

inflation-friendly
loose
monetary
policies
.

Abysmal
development
data

Bitcoin
also
excelled
over
BCH
and
BSV
based
on
developers’
activity.

Data
fetched
by
CryptoMiso.com

showed

that
Bitcoin
approved
2,937
changes
suggested
by
over
100
contributors
to
its
source
code
this
year,
the
seventh-largest
number
of
commits
recorded
on
GitHub.
In
comparison,
Bitcoin
Cash
and
Bitcoin
SV
processed
1,099
and
496
commits
in
the
same
period.


Bitcoin
Cash
and
Bitcoin
SV
commits
in
2021.
Source:
CryptoMiso

A
higher
number
of
commits
shows
that
more
developers
want
to
improve
the
open-source
project
in
concern.
Conversely,
a
lower
count
alerts
about
a
slower
rate
of
improvements
on
the
protocol. 

In
the
end,
Bitcoin
SV
turned
out
to
be
the
worst-performer
than
Bitcoin
Cash
in
terms
of
price-performance,
as
well
as
market
dominance
and
developers
activity.
Investors
also
kept
their
distance
as
the

Bitcoin
SV
network
suffered
three
51%
attacks

and
its
co-founder
Craig
Wright
remained
embroiled
in
a
lawsuit,
as
Cointelegraph

covered
earlier
.

Now,
BSV
price
may
face
more
losses
ahead
should
it
break
below
a
long-withstanding
support
level
near
$121.50,
as
shown
in
the
chart
below.


BSV/USD
weekly
price
chart.
Source:
TradingView

Conversely,
a
pullback
from
the
$121.50-support
could
have
the
BSV
price
test
its
50-week
exponential
moving
average
(currently
near
$167)
as
the
next
upside
target.



Related: Top
crypto
winners
and
losers
of
2021

Likewise,
the
BCH
price’s
latest
decline
has
brought
it
near
its
multi-year
ascending
trendline
support.
Therefore,
a
pullback
from
the
said
level
could
have
the
Bitcoin
Cash
token
eye
approximately
$600
as
its
next
upside
target,
as
shown
via
Fibonacci
levels
below.


BCH/USD
weekly
price
chart.
Source:
TradingView

Otherwise,
breaking
below
the
long-term
support
level
risks
puts
the
BCH
price
en
route
to
near
$195,
a
level
with
a
history
of
sending
prices
higher.

The
views
and
opinions
expressed
here
are
solely
those
of
the
author
and
do
not
necessarily
reflect
the
views
of
Cointelegraph.com.
Every
investment
and
trading
move
involves
risk,
you
should
conduct
your
own
research
when
making
a
decision.

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