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

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

Information from Cointelegraph Markets Pro and TradingView confirms that on June 29, BCH/BTC formally set its lowest ever worth.

CoinFLEX debacle ensnares BCH supporter Ver

Bitcoin Money, also called “Bcash” by these vital of the coin’s ethos and future, gained notoriety in 2017 when it turned the primary main hard 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 probably the most vocal BCH supporter, entrepreneur Roger Ver, has nonetheless continued to tout its supremacy over Bitcoin, with worth 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 consequence, its impression on BCH has been palpable. On June 29, BCH/BTC fell to new all-time lows of simply 0.005 — 98.83% beneath its 2017 peak.

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

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

Even Bitcoin SV outperforms BCH

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

Associated: Bitcoin’s bottom might not be in, but miners say it ‘has always made gains over any 4-year period’

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

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

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

On the plus aspect, BSV now buys extra BCH than at any time since December of that 12 months.

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

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