Today we’ve seen BSV overtake BCH in terms of market cap. The brand debate for Bitcoin Cash is over, but it looks like the exchange battle is just getting started.
The market cap of both BSV and BCH is currently just over $1.8 billion, with each token trading at just over $100. Yesterday we saw BSV pump nearly 20%, whilst at the same time the rest of the market was capitulating lower.
Coin Rivet recently reported how Roger Ver was claiming victory for the ABC chain over the BCH brand.
At the time, Ver had asked Calvin Ayre to “come back and support the best tool we have for economic freedom”, but so far it looks as if the exchange war is only going to heat up.
Trading volume is also significantly up for both chains over the last few days. BSV topped out close to $300 million a day, with BCH getting close to half that at just under $150 million.
The vast majority of trading is being done against the BTC and USDT pairs at Binance. As of yet, we are still to see anywhere trading significant volume for a BSV/BCH pair.
Are CoinGeek selling?
It was reported on the r/btc forum on Reddit that the reason behind today’s BSV move was due to approximately 34,000 BCH owned by CoinGeek being split and sold off on the exchange markets.
On Reddit, JA Bankster said he guesstimates that “CoinGeek has about 150,000 BCH” based on the 20% of hash power they have contributed towards mining on the Bitcoin Cash chain over the last year.
If they did sell 34,000, it would only represent around 20% of Calvin and Craig’s stack. That’s assuming that Craig isn’t about to move Satoshi’s 1 million coins.
Of course, we also know that Bitmain is sitting on close to 1 million BCH/BSV, with no market reports of any movements yet.