While Bitcoin offered little for volatility-loving traders on Thursday, its cheaper offshoots kept the market interested.
What happened: Bitcoin Cash rallied over 7% to become the market's third-biggest gainer over the last 24 hours. Trading volume for the cryptocurrency soared 77% to $733 million, indicating high liquidity and trader interest.
The latest spike extended BCH's weekly gains to 23%
Additionally, Bitcoin SV popped 4.40% in the 24-hour period, taking its weekly returns to 8.32%.
| Cryptocurrency | 24-Hour Gains +/- | 7-Day Gains +/- | Price (Recorded at 11:00 p.m. ET) |
| Bitcoin Cash (CRYPTO: BCH) | +7.62% | 23.48% | $494.85 |
| Bitcoin SV (CRYPTO: BSV) | +4.40% | 8.32% | $31.91 |
| Bitcoin (CRYPTO: BTC) | -0.21% | +0.89 | $104,622.27 |
In contrast, Bitcoin remained range-bound, as geopolitical tensions in the Middle East appeared to be a drag. The apex cryptocurrency gained only 0.89% in the last week.
Why It Matters: It's worth mentioning that Bitcoin SV was created from the hard fork of the Bitcoin Cash blockchain in 2018, which had split from the original Bitcoin network a year ago due to community disagreements over Bitcoin scaling.
Bitcoin traded at around $104,600 as of this writing. The high price could make holding one full Bitcoin a bit challenging, especially for retail investors, although they can always obtain exposure by making fractional purchases.
However, BCH and BSV were priced significantly lower, potentially making them “cheaper plays” of Bitcoin.
Photo Courtesy: PeopleImages.com – Yuri A On Shutterstock.com
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