Amid controversy surrounding major supporter Roger Ver, the Bitcoin hard fork plumbs new depths in BTC terms.
CoinFLEX debacle ensnares BCH supporter Ver
Bitcoin Cash, also known as “Bcash” by those critical of the coin’s ethos and future, gained notoriety in 2017 when it became the first major hard fork of the Bitcoin network to take on BTC itself.
Months after launching, the altcoin hit highs of around 0.43 BTC per token, this proving something of a fakeout for investors who have spent the intervening period watching its value steadily decline.
Arguably the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with price woes having little impact on his rhetoric.
Ver denies the claims, with a social media storm ensuing which is ongoing this week. Regardless of the outcome, its impact on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of just 0.005 — 98.83% below its 2017 peak.
BCH/BTC 1-month candle chart (Binance). Source: TradingView
The event was not lost on commentators, many of whom remembered Ver’s insistence that BCH would rise to replace BTC altogether.
$BCH now lower than it was in the winter of 2018-2019.
— Alex Krüger (@krugermacro) June 28, 2022
How it started vs. How it’s going:
(Roger Ver / BCH edition) pic.twitter.com/kNcRjsujhU
— K A L E O (@CryptoKaleo) June 28, 2022
Even Bitcoin SV outperforms BCH
For another vehement anti-Bitcoin spin-off, the situation is barely any better.
Since then, a modest rebound has occurred, taking BSV/BTC to 0.0016 BTC — a mere 94.48% below its all-time high of 0.029 BTC seen at the start of 2020.
BSV/BTC 1-month candle chart (Binance). Source: TradingView
On the plus side, BSV now buys more BCH than at any time since December of that year.
BSV/BCH 1-week candle chart (Binance). Source: TradingView
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