No flexing for Bitcoin Cash users as BCH loses 98% against Bitcoin

Bitcoin (BTC) has hit new report highs this week — not in U.S. greenback phrases, however in opposition to its longtime competitor, Bitcoin Money (BCH).

Knowledge from Cointelegraph Markets Professional and TradingView confirms that on June 29, BCH/BTC formally set its lowest ever value.

CoinFLEX debacle ensnares BCH supporter Ver

Bitcoin Money, also referred to as “Bcash” by these important of the coin’s ethos and future, gained notoriety in 2017 when it turned the primary main arduous fork of the Bitcoin community to tackle BTC itself.

Months after launching, the altcoin hit highs of round 0.43 BTC per token, this proving one thing of a fakeout for traders who’ve spent the intervening interval watching its worth steadily decline.

Arguably essentially the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with value woes having little impression on his rhetoric.

This month, nevertheless, Ver courted controversy when experiences emerged that he owed $47 million in stablecoin USD Coin (USDC) to crypto funding platform CoinFLEX.

Ver denies the claims, with a social media storm ensuing which is ongoing this week. Whatever the end result, its impression on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of simply 0.005 — 98.83% under its 2017 peak.

BCH/BTC 1-month candle chart (Binance). Supply: TradingView

The occasion was not misplaced on commentators, lots of whom remembered Ver’s insistence that BCH would rise to switch BTC altogether.

Even Bitcoin SV outperforms BCH

For an additional vehement anti-Bitcoin spin-off, the state of affairs is barely any higher.

Associated: Bitcoin’s backside won’t be in, however miners say it ‘has at all times made good points over any 4-year interval’

Bitcoin SV (BSV), the offspring of BCH which emerged throughout group infighting, hit all-time lows of its personal in opposition to BTC in Might.

Since then, a modest rebound has occurred, taking BSV/BTC to 0.0016 BTC — a mere 94.48% under its all-time excessive of 0.029 BTC seen firstly of 2020.

BSV/BTC 1-month candle chart (Binance). Supply: TradingView

On the plus facet, BSV now buys extra BCH than at any time since December of that yr.

BSV/BCH 1-week candle chart (Binance). Supply: TradingView

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your personal analysis when making a call.