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Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) have been in a tight competition to see which is the largest virtual currency of the two in terms of market capitalization. On November 15th, the Bitcoin Cash network underwent an update that resulted in a division of the chain after a 10-day hash war.
During the first days after the chain split, Bitcoin Cash – which represented Bitcoin ABC's proposal – was the market leader. However, when virtual currencies collapsed even more a few days ago, Bitcoin SV surpassed Bitcoin Cash on the market. Now, BCH has recovered its position with a market capitalization of $ 1.87 billion compared to $ 1.69 billion of Bitcoin SV.
It seems that the price increase of Bitcoin Cash is linked to the fact that the exchange of cryptocurrencies regulated by the United States of Gemini of Winklevoss, Gemini, has decided to add support for Bitcoin Cash. The information was released a few days ago by Gemini in a blog post.
The company wrote as follows:
"We are excited to announce Bitcoin Cash's trading and custody support on Gemini, and you can deposit Bitcoin Cash on your Gemini account from Saturday 8 December at 9:30 ET."
The blog post informs you that trading activities will start on Monday, December 10th at 1:00 pm ET. In this way, Gemini will have five different virtual currencies available on its platform, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Zcash (ZEC).
The trading pairs that Gemini is going to list are BCH / USD, BCH / BTC, BCH / ETH, LTC / BCH and ZEC / BCH. They informed that the company will support the Bitcoin ABC network instead of Bitcoin SV. In the future, the company claims to continue to evaluate Bitcoin SV as a possible new virtual currency to add to the platform, but this may or may not happen.
Gemini has worked closely with the New York State Department of Financial Services (NYSDFS) in order to obtain approval to offer Bitcoin Cash trading and custody services to customers.
The decision to add Bitcoin Cash to the platform was announced in May when they received approval from the New York Financial Services Department. However, due to the fact that the network was going to experience a fork, they decided to delay the launch of this virtual currency.
During the hard fork that hit the Bitcoin Cash network, several companies and platforms have suspended the deposit and withdrawal of Bitcoin Cash to avoid further problems during the network upgrade.
At the time of writing this article, Bitcoin Cash is trading around $ 107 and BSV close to $ 96. In the last 24 hours, Bitcoin SV has lost 4.38% and BCH has increased its value by 4.97% according to CoinMarketCap.
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