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The global cryptocurrency market posted a further 13% which led to Friday morning, aggravating losses by 20% from the start of the week.
Multiple altcoins lost nearly 30% of their value overnight, while Bitcoin dropped to the $ 3,300 range and saw its overall dominance increased to 55.4% – the highest since September.
Meanwhile, on the Titanic there was a reorganization of the deck chairs while the two Bitcoin Cash coins suffered a reversal of luck as far as their respective markets were concerned.
Bitcoin cash (BCH / ABC)
Bitcoin Cash (BCH) fell to seventh place by market capitalization on Friday as the dollar's currency valuation hit $ 97.62 – a 20% decline from the $ 122.14 price of the day before. A $ 114 rally could not be sustained and the currency returned to $ 102 at the time of writing.
The decline was enough to see BCH overtaken by Tether (USDT) and Bitcoin Satoshi Vision (BSV), adding to the misery of BCH after his "flippening" by Stellar (XLM) at the start of the month.
The decline also coincides with the arrival of a lawsuit against Bitmain, Roger Ver, Kraken and others, by the United American Corp. According to the fall of the newswire, "UnitedCorp", based in Miami, said that:
"… the defendants collectively engaged in unfair competition methods and through a series of unreasonable, deceptive and unjust practices, have manipulated the Bitcoin Cash network to their advantage and to the detriment of UnitedCorp and other Bitcoin Cash shareholders".
The president of UnitedCorp, Benoit Laliberte, said:
"We are bringing this cause on behalf of UnitedCorp because we firmly believe in the value and integrity of democratic, distributed and decentralized blockchain networks that will become more important over time."
Bitcoin Satoshi Vision Price – (BSV / USD)
The BSV was the only currency in the top 100 market to record growth on Friday, except for the "stablecoins", and achieved a 26.9% overnight gain.
This led BSV from $ 89.54 to $ 113.67 and moved the currency into position as the fifth cryptocurrency with maximum limit, pushing EOS (EOS) to seventh place in the process.
Commercial volumes for BSV increased from $ 79 million to $ 300 million during that period – the second highest volume recorded to date. Almost 40% of the total comes from the BTC and USDT pairs of Binance.
BSV's biggest supporter and supporter, Craig Wright, rubbed salt in BCH's wounds on Friday morning as he talked about his favorite fork, stating:
"The price is determined by the utility Bitcoin SV is the original Bitcoin, it is scalable without limits and there is no use case that does not satisfy."
On the other side of the Bitcoin Cash division, BCH's millionaire supporter, Roger Ver, recently criticized Wright for his unfulfilled promises to the Bitcoin Cash community, as summarized in Ver's caustics Tweet.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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