Bitcoin SV trumps Bitcoin Cash in terms of network activity, claims report

The “aggressive hash war” that led to the split of Bitcoin SV from Bitcoin Cash continues to split the two camps and the cryptocurrency market.

The “aggressive hash war” that led to the split of Bitcoin SV from Bitcoin Cash continues to split the two camps and the cryptocurrency market. However, despite the fact that growth patterns of both the fork coins have been similar, recent analysis suggests that BSV is growing a bit faster.

Despite it being two years since Bitcoin Cash [BCH] came to be, it’s BSV that has managed to climb a step higher in terms of network activity. The crypto analytics company, IntoTheBlock, recently published an analysis which observed that Bitcoin SV was at a better pace than Bitcoin Cash.

Source: IntoTheBlock | BSV

In addition to an increase in active addresses, the BCH hard fork coin also leads in terms of transactions. BSV is also processing quite a few transactions more than the BCH network, according to the post.

Source: BitInfoCharts | BCH vs BSV Transactions

Bitcoin SV has been tangled in controversies since its inception, something which has immensely affected its valuation. Some have argued that much of the damage was caused by Craig Wright’s “antics.” Despite that and a consistent downtrend, BSV has registered better activity than Bitcoin Cash.

IntoTheBlock’s Traders analysis, which tracks new money inflows into cryptocurrencies, also recorded interesting trends on both the networks. The report read,

“..although both networks are showing similar levels of new money traction, the inflows into BSV have been growing while BCH’s have been declining. However, the volume of new money in BCH seems to be higher than BSV which makes up a really interesting dynamic.”

The analytics site had previously noted that despite the fact that the BCH Network was not growing at a fast pace, the increase in activity was very regular. The number of new investors in the BCH network grew from March to May, prompting a few price rallies. However, the figures have been quite inconsistent and the numbers started decreasing slowly soon.

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Ethereum Classic is the Only Green Spot as BTC Dives Below USD 10K

The ETC/USD pair on Tuesday morning European time saw a massive spike in price of nearly 8% over the course of just one hour, bringing the coin …
Ethereum Classic is the Only Green Spot as BTC Dives Below USD 10K 101
Source: iStock/jxfzsy

While nearly all the coins in the top 100 in terms of market capitalization are in red today, Ethereum Classic (ETC) remained the only green spot among the top 20 largest tokens on Wednesday.

Its 24-hour gains fluctuated from 12% to less than 1% and still might turn red as bitcoin price dropped below USD 10,000 today.

At pixel time (14:12 UTC), bitcoin trades at c. USD 9,982 and is down by more than 6%, while other major coins lost 4%-10% of their value. Except ETC, the 18th largest coin, that trades at c. USD 6 and is up by 1%.

ETC price chart:

Ethereum Classic is the Only Green Spot as BTC Dives Below USD 10K 102
Source: coinpaprika.com

The ETC/USD pair on Tuesday morning European time saw a massive spike in price of nearly 8% over the course of just one hour, bringing the coin well above the USD 6 mark on strong trading volumes across multiple exchanges. However, the coin later corrected lower again, losing about 7% from its peak to bottom during early European trading on Wednesday.

Watch the latest reports by Block TV.

Measured against Ethereum (ETH), however, the ETC’s surge was even stronger (currently, +7%), with a persistent uptrend following the spike yesterday.

Despite now entering a more volatile phase, and correcting lower on Wednesday, ETC still managed to maintain some degree of resilience compared with the negative sentiment that has characterized the rest of the crypto market today.

Data from Coinpaprika also confirm that trading volumes in ETC has continued to strengthen across exchanges over the past two days – a sign that traders are taking notice of what is going on.

Upcoming ETC hard fork

As the spike drew the attention of many members of the crypto community, some observers, including CEO Su Zhu of Three Arrows Capital, point to an upcoming planned hard fork in ETC that is expected to occur on September 13 as a likely reason for the sudden interest.

Although the fork has been long planned, and thus should not come as a surprise, events like these tend to draw the attention of traders, with some eyeing opportunities to turn a profit ahead of the fork. Moreover, additional details about the fork were announced on August 19.

According to an article by Stevan Lohja, Technology Coordinator at Ethereum Classic Labs, the hard fork is a planned upgrade to the Ethereum Classic protocol, and is nothing out of the ordinary.

The upgrade, dubbed “Atlantis,” will implement Ethereum’s Byzantium and Spurious Dragon upgrades to the ETC network, which includes several technical improvements to the protocol.

Meanwhile, blockchain-focused blogger Donald McIntyre (Etherplan), in an article published on August 20 estimated that Ethereum Classic will be used as a base layer system for other blockchains such as Ethereum 2.0. This might give ETC a new use-case, which could potentially drive up demand for the coin.

@eth_classic @etclabs @MyEtherplan Although EThereum Classic doesnt need Ethereum, this scheme shows the necessity… https://t.co/V4kNuq4cM1

— Rohan_Node (–marrych)🔑 (@NodeRohan)

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Ethereum Classic (ETC) Shooting Up in a Plummeting Crypto Market. Here’s The Reason

Ethereum Classic (ETC), the 18th largest cryptocurrency by adjusted … On the 7-day Ethereum Classic price chart, ETC is seen to steadily rice up the …

Ethereum Classic (ETC), the 18th largest cryptocurrency by adjusted volume has been rising in a tumbling crypto market today

CryptoMarketapp

Wednesday morning, ETC had surged up by nearly 6% from its closing price on Tuesday by gaining about $0.11. Within one hour, ETC had grown further by another 1% pushing the price further against price gravity to record an outstanding 7.1% price surge.

ETC 7-day Price Chart

At the moment, Ethereum classic is trading at $6.11 and maintains a market cap of $691.16 million with a 24 hours trading volume hovering around $897 million.

Hard Fork Catalysing Price Surge

On the 7-day Ethereum Classic price chart, ETC is seen to steadily rice up the chart. Ethereum Classic is likely seeing this price surge owing to its inbound hard fork. The upgrade is expected to include mining difficulty adjustments, the introduction of proof of zero knowledge, and preparation for denial of service attacks.

Traders have, therefore, diverted their attention towards this cryptocurrency with the hope that its forthcoming hardfork will spell good news as was seen previously with Byzantine and Spurious dragon hardforks.

The Atlantis hard fork for Ethereum Classic (ETC) has been officially set to occur at block 8,772,000 on the blockchain Tuesday, September 17, around noon UST.

Summary
Ethereum Classic (ETC) Rising In A Collapsing Crypto Market, Here's The Reason.
Article Name
Ethereum Classic (ETC) Rising In A Collapsing Crypto Market, Here’s The Reason.
Description
Ethereum classic rises up the charts against all odds ahead of its Atlantis fork in september
Author
Dare Shonubi
Publisher Name
Coingape
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CryptoMarketapp
DisclaimerThe presented content may include the personal opinion ofthe author and is subject to market condition.Do your market research before investing in cryptocurrencies.The author or the publication does not hold any responsibilityfor your personal financial loss.
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Crypto Market Update: Focus on Ethereum Classic (ETC) and Its Atlantis Hard Fork

The price Ethereum Classic (ETC) seems to have surged over 12% due to excitement surrounding the upcoming Atlantis hard fork event. According to …

The price Ethereum Classic (ETC) seems to have surged over 12% due to excitement surrounding the upcoming Atlantis hard fork event.

According to data from CryptoCompare, Ethereum Classic started its impressive surge around 06:00 UTC on Tuesday (August 20) when ETC was trading at $5.499. By 02:00 UTC on Wednesday (August 21), the ETC price had reached $6.272, for an increase of just over 14%.

At press time (06:17 UTC on August 21), Ethereum Classic is trading at 6.176, up over 12.19% in the past 24-hour period:

ETC-USD 24 Hour Chart - 21 August 2019.png  

The most likely explanation for Ethereum Classic’s price action seems to be excitement over Atlantis, the planned hard fork (at block 8,772,000), which is expected to take place on Friday, September 13.

According to the Medium blog post by Stevan Lohja, Technology Coordinator at Ethereum Classic Labs, Atlantis “implements Ethereum’s Byzantium and Spurious Dragon upgrades to the Ethereum Classic network and has been adopted as an accepted Ethereum Classic Improvement specification which can be found at ECIP-1054.”

Featured Image Credit: Photo via Pixabay.com

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Digital Currency Revolution Series: Mark Your Crypto Calendar For Key Events Of The Week

Amid the legal tussle between iFinex, the parent company of both Bitfinex, Tether, and the New York Attorney General (NYAG) is likely to establish a …

It was a bearish trend last week for the crypto markets as Bitcoin ended the week down 8% trading at $10,378.24. Prior to that BTC traded below $10,000 during the week, before a strong price surge pushed it back above five figures. It has been a challenging week for the majority of crypto-assets, with most ending the week heavily red. There have been a series of data events and summits lined for this week, let’s just quickly glance at the same.

19th – 21st August: Web3.0 Summit

The platform blockchain developer community converges in Berlin this week for the Web3.0 Summit. Speakers including Edward Snowden (via Web-link), Sergay Nazarov of Chainlink and Ethereum co-founder Gavin Wood who will likely speak to the impact of the Ethereum Serenity launch in January 2020.

22nd August: New York Attorney General’s injunction against Bitfinex to expire

Amid the legal tussle between iFinex, the parent company of both Bitfinex, Tether, and the New York Attorney General (NYAG) is likely to establish a significant precedent. Back in earlier July, the justice adjourned the date to determine if the case has to be dismissed or to continue the trial proceedings.

Justice Joel M. Cohen instructed for extending the injunction until August 22nd, as iFinex filed a motion for the dismissal of the case.

Bitfinex transacted the suspicious unlawful loan from its sister company Tether might not seem like a major milestone for the crypto industry, the court’s decision has the potential to sway the crypto market.

23rd August: Lisk Hard Fork

The platform blockchain developer community converges in Berlin this week for the Web3.0 Summit. Speakers including Edward Snowden (via Web-link), Sergay Nazarov of Chainlink and Ethereum co-founder Gavin Wood who will likely speak to the impact of the Ethereum Serenity launch in January 2020.

The Lisk blockchain will soft fork this Friday primarily to improve network transaction processing efficiency and make the LSK token easier for exchanges to manage.

The price of LSK to BTC has halted its bearish rout and gained somewhat on the back of this underlying news in the recent past.

As per the Lisk’s blog, they announced Lisk released Core 2.0.0 to the Mainnet which is the first Lisk Core release built using the Lisk SDK.

The initial announcement of the fork on July 23rdcreated some short term buying activity and the actual fork may have a similar effect, although the price of LSK has tumbled about 13% in the recent weeks as you can observe weekly plotting above.

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