Bitcoin SV [BSV] turned to the bears again, after two successive market-induced bullish waves saw the coin trading in green. Following the uptrends on 15 and 18 March, the coin fell against the US dollar by 1.08 percent.
The Bitcoin Cash hardfork was trading at $66.07, a drop from its previous week’s high of $72.19. The market cap of the coin stood at $1.16 billion, trailing a relatively bullish Cardano [ADA] by over $150 million.
BitForex took the top two spots in terms of BSV trading volume, accounting for 11.15 percent and 10.82 percent in the trading pairs BSV/USDT, and BSV/BTC. Other notable exchanges included IDCM, HitBTC and Huobi Global.
The one-hour BSV chart showed a significant downtrend from $70.59 to 67.27, one that persisted till press time. A downtrend that pictured the coin dropping from $71.74 to $69.76 was also traced on the chart.
Bitcoin SV found immediate support at $65.12. The immediate resistance level of the coin was $68.19.
The Bollinger Bands indicated falling volatility as the coin’s price had stabilized. Additionally, the Moving Average line pointed to a mildly bearish turn.
The Chaikin Money Flow tool showed a decrease in the money inflow into BSV tokens, as the CMF line had dipped below 0.
The Awesome Oscillator indicated a decrease in the coin’s short-term momentum. Further, with the concluding bars turning red, bearish movement was expected.
The one-day chart showed inconsistent movement for the BSV market. In the past few weeks, the coin dropped from $75.71 to $67.15, and then rose from $67.01 to $71.07.
Bitcoin SV found immediate support at $65.64, and the immediate resistance level of the coin was present at $75.65.
The Parabolic SAR indicated a bearish phase for the coin, as the dotted lines were above the coin’s trend line.
The MACD indicated the bull’s entry into the coin market, as the Signal line was below the MACD line.
The Relative Strength Index pointed to a significant decrease in investor interest, as the RSI had dropped from 55.12 to 47.98.
In the short run, low volatility, negative money inflow, and reduced momentum was projected for the BSV market. In the long run, the MACD remained hopeful, despite the Parabolic SAR and RSI indicating a bearish run for the coin.
Subscribe to AMBCrypto’s Newsletter
Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
Subscribe to AMBCrypto’s Newsletter