Posted in: Cryptocurrency News
Published:
January 11, 2020 3:38 PM UTC

Bitcoin Hardforks Surge Huge 14-38% Pumps Overnight

Bitcoin's many offshoots benefited most from the weekend's market surge, as BCH, BSV, BTG, BCD all outpaced the gains made by BTC.

  • While BTC recorded modest 5% gains, its was the OG’s many offshoots which benefitted most from the weekend’s pump.
  • Bitcoin SV (BSV) led the pack with a 38% surge leading into Saturday.
  • Even Bitcoin Diamond (BCD) emerged from obscurity to rake in the gains.

It was a good day for Bitcoin on Saturday, but not necessarily BTC.

While Bitcoin (BTC) did record modest 5% growth, it was the digital currency’s many forks ands offshoots which benefited most from the weekend pump.

BitcoinSV (BSV): +38%

Bitcoin SV lead the way among the market cap top hundred with a 38% growth spurt leading into Saturday. That carried the BSV coin price from $126.49 up to $174.87.

Bitcoin SV (BSV) led the market cap top hundred with 38% growth overnight | Source: CoinMarketCap

Pulling back to the weekly figures, BSV is now worth 67% more than it was seven days ago. Meanwhile, the coin’s trajectory since December has been nothing but moon-bound, with 118% growth in just under a month.

While BSV supporters celebrate the upward momentum of the coin they believe to be represent Satoshi’s vision, others remain skeptical.

One notion that lingers is that the price of BSV can be manipulated more easily given its lack of presence on major exchanges. That fact partly stems from an incident in early 2019, when Binance chief CZ unceremoniously booted Bitcoin SV from his exchange. Other major platforms soon followed.

BitcoinGold (BTG): +18%

Bitcoin Gold (BTG) is ranked 48th by market cap and was forked from its parent chain in 2017. Leading into Saturday morning, BTG gained 18.8% as the unit value of its coins rose from $5.72 up to $6.80.

Bitcoin Gold gained 18%, but its true volume is likely a tenth of that recorded on CoinMarketCap | Source: CoinMarketCap

Bitcoin Gold unexpectedly surged to $6.83 earlier this week. And pulling back to the monthly chart shows a coin which has undergone a 41% swing since this time last month.

CoinMarketCap’s figures suggest BTG’s trade volume rose from $10 million to $23 million. However, data from Nomics (which excludes untrusted volume numbers) places true volume closer to $2 million. That’s almost double the figure from the previous day.

Bitcoin Cash (BCH): +14%

The value of Bitcoin Cash (BCH) increased 14% overnight, climbing from a coin price of $242.48 up to $$276.58.

Bitcoin Cash (BCH) gained a 14% moving into the weekend | Source: CoinMarketCap

Bitcoin Cash has also been on the move for the most of the week, having recorded 25% growth over seven days. Even more striking is Bitcoin Cash’s monthly growth, with a 59% increase since the low of December 18th.

For some context, Bitcoin (BTC) gained around 27% in the same time period. A sign that an alt season is approaching the cryptocurrency market?

Bitcoin Cash is the ranked 4th highest by market cap among cryptocurrencies, and was forked from Bitcoin in 2017. Ideological differences between the two camps triggered a propaganda war which rages on to this day.

BitcoinDiamond (BCD): +14%

Bitcoin Diamond (BCD) was apparently created with the intention of improving upon the original BTC by increasing its transaction capacity. However, the coin is now down 99.39% from its all-time high, and has become a play-thing for pump-and-dump artists.

Leading into the weekend, however, BCD was glowing green with 14.6% growth. That upwards tilt saw the coin price move from $0.352828 up to $0.404049.

Bitcoin Diamond’s quick 14% growth spurt was followed by a sudden 7.8% retracement | Source: CoinMarketCap

In the few hours since the price peaked, BCD underwent a sizeable reversion, losing nearly 8% of its recently gotten gains.

This article was edited by Sam Bourgi.

Last modified: January 22, 2020 11:39 PM UTC

Greg Thomson @@gregthomson88

Greg Thomson is a blockchain and cryptocurrency journalist who wades through the dirt so you don't have to. He contributed to numerous crypto news outlets before joining CCN.com and Hacked in 2018. Based in Glasgow, Scotland.

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