Bitcoin (BTC), which is not measured in U.S. dollars, has reached new records this week. Its record-breaking performance was against long-time rival Bitcoin Cash (BCH).
Cointelegraph Markets Pro and TradingView data confirm that BCH/BTC set their lowest price ever on June 29.
CoinFLEX debacle ensnares BCH supporter Ver
Bitcoin Cash, also known by critics as “Bcash”, gained attention in 2017 when it became the first major fork of Bitcoin’s network to take on BTC.
The altcoin reached highs of 0.43 BTC per token months after its launch, which was a bit of a fraud for investors who had been watching it steadily fall over the years.
Roger Ver is the most vocal BCH advocate, but he has maintained his support for it regardless. He says that Bitcoin’s price fluctuations have little effect on his rhetoric.
Ver was the subject of controversy this month when he was reported to owe $47 million in stablecoin USD Coin ($USDC) and crypto investment platform CoinFLEX.
Ver denied the claims. A social media storm ensued, which continues this week. Its impact on BCH was palpable, regardless of how it ended. BCH/BTC dropped to 0.005 on June 29 — 98.83% lower than its 2017 peak.
BCH/BTC 1-month candle graph (Binance). Source: TradingView
Commentators were not surprised by the event, with many recalling Ver’s insistance that BCH would replace BTC.
$BCH is now less than it was during the winter 2018-2019
— Alex Kruger (@krugermacro) June 28, 2022How 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 is better than BCH
The situation is even worse for another anti-Bitcoin spinoff.
Related: Bitcoin may not be at its bottom, but miners claim it has ‘always made gains over any 4-year period.
Bitcoin SV (BSV), the offspring from BCH, reached all-time lows against BTC in May.
A modest rebound has taken BSV/BTC up to 0.0016 BTC, just 94.48% lower than its record high of 0.029 BTC at the beginning of 2020.
BSV/BTC 1-month candle graph (Binance). Source: TradingView
BSV is now buying more BCH than ever before, which is a plus.
BSV/BCH 1-week Candle Chart (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.