Bitcoin SV [BSV] has overtaken Bitcoin Cash [BCH] and has become the fifth-largest cryptocurrency after going on an unforeseen bull run. The Bitcoin has not only left BCH behind, but also major coins like EOS, Litecoin [LTC], and Tether [USDT]. BCH was seen on the bear’s side since the beginning of the week and a minimal change in its statistics was observed.
However, December 7 came with BCH being dragged by the bear to the seventh position on CoinMarketCap’s list. BCH has plunged by 42.58% in the last seven days.
BCH was reportedly valued at $161.90 on December 3 at 7.30 UTC, which continued to fall till $129.72 on December 5 at 22.30 UTC. The lowest point the coin reached was $95.28 on December 7 at 7.30 UTC, after which it showed an upward trend.
At the time of press, the coin was valued at $103.91, with a market cap of $1.817 billion. The coin registered a 24-hour trade volume of $149 million. The coin plunged by 17.79% in the last seven days, with a subsequent growth of 3.76% in the past hour.
On the other hand, the underdog, BSV jumped up the ladder from the ninth position to the fifth. It registered over 25% increase in the past 24 hours. The cryptocurrency was valued at $87 on December 6 at 4.30 UTC, which increased to $114.078 on December 7 at 5.30 UTC. It gradually started following a downtrend after this point.
At the time of press, the coin was valued at $108.86, with a market cap of $1.902 billion and had plunged by 1.22% in the last hour. The coin registered a 24-hour trade volume of $268 million. The coin also saw a growth of 9.02% in the past seven days, while a slip of 1.22% was observed in the past one hour, at the time of the report.
After a long rally, the coins have now assumed their original standings, with BSV slipping to the seventh position and BCH on the fifth position.
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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