Bitcoin SV (a Bitcoin Cash fork) is regaining ground against Bitcoin Cash. This is a set up for a great outcome where SV shows strength, but not at the expense of Bitcoin Cash.
Essentially what happened at first is ABC and SV were in a hash war fighting over the direction of Bitcoin Cash. However, after about a week of warring SV stated an intent to go its own way and live on as the original Bitcoin with bigger blocks.
Assuming the warring stops, like it did between Bitcoin Cash and Bitcoin a year ago (that too caused some drama and then resulted in both coins being stronger), it gives us three different major Bitcoins at the moment:
- Bitcoin (AKA Bitcoin Core). The dominant one favored by most of the market. A Bitcoin that has evolved using software like SegWit and the Lightening Network.
- Bitcoin Cash (AKA Bitcoin Cash ABC). A Bitcoin fork from 2017 backed by Roger Ver and Bitmain that uses a mix of Bitcoin Core and Bitcoin SV ideology in its build.
- Bitcoin SV (AKA the Bitcoin Cash fork). A Bitcoin Cash fork backed by Clavin Ayre, Craig Wright, and nChain that is argued to be Bitcoin in its original form but with bigger blocks.
Different people will see each chain as the ideal one, but at the end of the day the market is better off with three choices each focused on their own ideals, market makers, miners, and innovations (as opposed to three warring camps in a war of hash and cash).
With crypto in a rather violent downtrend recently, a break of the hash war drama that results in a strong Bitcoin, Bitcoin Cash, and Bitcoin SV is arguably the ideal outcome…. and thus it is nice to see ABC hold its price while SV regains some ground.