In an interesting turn of events, lesser-known $Bitcoin (BTC.CC)$-labeled coins outperformed the apex cryptocurrency in 24-hour gains.
What Happened: $Bitcoin Cash (BCH.CC)$ spiked over 7% in the last 24 hours, becoming the market's second-best-performing cryptocurrency.
The $8-billion market cap coin soared to a one-month high, witnessing a 40% jump in trading volumes.
Meanwhile, $Bitcoin SV (BSV.CC)$ lifted nearly 4% during the day, recovering the losses made during the past week.
Cryptocurrency | Gains +/- | Price (Recorded at 11:00 p.m. EDT) |
Bitcoin Cash (CRYPTO: BCH) | +7.72% | $426.48 |
Bitcoin SV (CRYPTO: BSV) | +3.97% | $47.67 |
Interestingly, King Crypto remained little changed over the day, rising just 0.87% over the last 24 hours even as Trump announced that he would sack SEC Chair Gary Gensler, viewed by some as hostile to the cause of cryptocurrencies, on Day 1 of entering office. "I will appoint a new SEC chairman who believes America should build the future and not block the future."
Bitcoin Cash is a result of a hard fork of the original Bitcoin blockchain in 2017 due to differences in the community over proposed upgrades. A year later, Bitcoin Cash underwent its own fork, leading to the creation of Bitcoin SV.
Why It Matters: The surge in value of these Bitcoin spinoffs highlights investors' growing interest, particularly among retail traders, in more affordable alternatives.
Bitcoin is one of the most expensive assets to purchase, with one unit priced at nearly $70,000 as of this writing. The high price makes owning one full Bitcoin a bit difficult though investors can always get exposure by making fractional purchases.
However, hard forks of the cryptocurrency, such as Bitcoin Cash, are priced much less in comparison, making them attractive buys, as they are viewed as cheaper plays by some investors.
The interest in Bitcoin is high after former President Donald Trump announced big plans for the digital asset, including a push for a national Bitcoin stockpile for the U.S.
Price Action: At the time of writing, Bitcoin was trading at $68,693.74, up 0.89% in the last 24 hours, according to data from Benzinga Pro. Trump-themed Maga Coin (CRYPTO: TRUMP) was up 0.26%.
