The two cryptocurrencies appear to be on track to finish 2021 with double-digit percentage losses compared to Bitcoin.
According to market data, Bitcoin is on track to outperform its forked variants. The Bitcoin Cash (BCH) and Bitcoin SV (BSV) in terms of price-performance by the end of 2020.
Notably, BTC’s year-to-date (YTD) returns were near 60 percent at publication, even though its price was hovering around $47,500. In comparison, the cost of BCH increased by a little more than 26 percent to $435.50. While the price of BTC (BSV) decreased by more than 25 percent to $122.30 during the same period. However, the performance of BTC and Bitcoin SV compared to Bitcoin remained the most important conclusion. In more detail, the BCH/BTC rate has dropped by more than 22.50 percent year to date, to 0.00916. Meanwhile, the BSV/BTC exchange rate has fallen by roughly 55% year to date to 0.00258 Bitcoin, indicating capital rotations away from Bitcoin forks.
Additionally, forked BTC tokens — have lost their prominence in favor of the new layer-one blockchain projects that have emerged. Notably, the introduction of protocols such as Solana (SOL), Cardano (ADA), Terra (LUNA), Avalanche (AVAX), and others provided more options for crypto traders looking for a place to store their funds.
The key selling point of Bitcoin Cash and Bitcoin SV, on the other hand, remained claims of better scalability, which failed to gain momentum with investors as Bitcoin’s transaction fees dropped by more than 50% this year.
Bitcoin’s market share has declined from 70 percent to less than 40 percent. The cryptocurrency did better than Bitcoin Cash and Bitcoin SV. It is primarily due to the increasing popularity of bitcoin among ordinary and institutional investors as they sought safe havens against the central banks’ inflation-friendly lax monetary policies, which have encouraged inflation.
Bitcoin Cash and BSV decrease
Both BTC and BSV saw their market dominance diminish due to this development. BCH market share has decreased to 0.37 percent from 0.84 percent at the beginning of this year. The Bitcoin SV (BSV) market share has also declined to 0.10 percent from 0.40 percent over the same period.
According to the data, BTC also outperformed BCH and BSV in terms of developer engagement.
According to information obtained by CryptoMiso.com, Bitcoin authorized 2,937 changes. These are recommended by more than 100 contributors to its source code this year. These are the seventh-highest number of commits ever recorded on the GitHub platform. On the other hand, BCH and BSV processed 1,099 and 496 commits, respectively, during the same time.
Ultimately, BSV proved to be the weakest performer compared to BTC in terms of price performance, market dominance, and developer activity, among other factors. Additionally, Cointelegraph previously reported, investors remained on the sidelines. This is as the Bitcoin SV network subjected to three 51 percent attacks. Its co-founder Craig Wright remained embroiled in a legal battle.
The most recent decrease in the BCH price has taken it closer to the rising trendline support that has been in place for several years. As a result, if the BTC token sees a pullback from the previously mentioned level, it may set its sights on about $600 as its next upside target. Otherwise, a break below the long-term support level risks sending the price of BTC tumbling toward $195.
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