The Bitcoin Cash Hash War is officially over. While many had called the end of hostilities once Bitcoin ABC had established themselves with both the longest chain and the highest overall hash power. However, Bitcoin SV has recovered in a spectacular fashion. Sending its value from $38 to $133 in just three days. This represents an increase of almost 300%.
Bitcoin SV’s competitor, one might go as far as to call them an enemy based on the intensity and ferocity with which the hash Wars have been fought. Bitcoin ABC, the term which has come to refer to the ‘real’ Bitcoin cash for many exchanges, has experienced a modest 5% growth over the course of the same period of time, moving from $198 – $208. It should, however, be noted that ABC had experienced some wild price rises, including a spike of 12% in the space of just an hour.
Surprising Inverse Correlation
What came as a surprise was the inverse correlation of BTC/USD to BCHSV/BTC. As you can see from the chart below, whenever the price of Bitcoin SV increases, the price of BTC goes down and vice versa.
The cause of this phenomenon is not so easily explained. Despite that, mapping these two charts together reveals some potentially great short-term trading opportunities.
Who Won The Hash War
To recap, 64% of the total BCH network hasrate was under the control of BCH. By contrast, Bitcoin SV’s shares stood as low as 36%. Over the course of a single hour, the difference between the two competing networks would routinely drop to a mere 20%.
On the other hand, as recently as November 20th, things were very different, with Bitcoin ABC commanding 73% support of the minders, while SV could manage just 27%.
1TB Transactions in 3 Years
One of the leading voices amongst the Bitcoin SV team (Craig Wright), has recently published his grand vision for the future of Bitcoin SV. Wright has a whole host of ambitious goals for the project, not least of all the desire to handle 1TB of transactions within 3 years.
To this end, the current bock size of 64MB is expected to increase to 512MB over the course of 6 months, and a whopping 2 GB after a year. According to Wright, the incentive to miners to dedicate their computing power to the network will be considerably greater than it is now and could well be the deciding factors in who the ultimate hash king is.