Bitcoin SV Futures Surprises the Market Reaching $600

Bitcoin SV Futures Surprises the Market Reaching $600

Bitcoin SV (BCHSV) has already been offered for $600 dollars in the first futures markets. This comes just days ahead of the chain-split in the Bitcoin Cash (BCH) network. The information was released by Trustnodes a few days ago. The market capitalization of BCHSV once it reaches the market could be $2.4 billion dollars.

BitcoinSV Could Become a Top 10 Crypto

Bitcoin SV could become a top 10 cryptocurrency in the market if the price remains operating in this way. However, there are more chances to become a dominant network for Bitcoin ABC rather than for Bitcoin SV.

Bitcoin ABC (BCHABC) futures have also been launched, and the price for them was $4,200 dollars. There was an individual that was purchasing BCHABC at that price. Nevertheless, at the time of writing, Trustnodes reported that BCHABC stood at $536 dollars and BCHSV around $140 dollars. Both networks combined had a price of $670 dollars, more than the current price of Bitcoin Cash.

However, the trading volumes are very low since trading was recently launched on the Poloniex platform.

About it, Poloniex said:

“Pre-fork trading is available immediately for the following pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. Customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV, and also convert SV and ABC back into BCH if they’d like to withdraw funds.”

The exchange will be pausing BCH deposits and withdrawals on November 15 to provide a smooth transition to the new network. Poloniex asks users to have all the transactions completed prior to the pause.

The cryptocurrency platform warns users that trading these assets is too risky. Indeed, it is possible that one of these chains will not be economically or technically viable after the fork. If that happens, then, its value would drop to zero.

Although users are able to trade these virtual currencies, it is not possible to withdraw them ahead of the fork.

According to some experts, Bitcoin ABC could be the dominant network after the fork rather than Bitcoin SV. Bitcoin ABC is backed by the mining giant Bitmain and other mining pools in Bitcoin Cash. Bitcoin SV is backed by Craig Wright and other BCH mining pools.

Interested users in closely following the hard fork can do it at ForkMonitor.info, a website released by BitMEX Research a few days ago.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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