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The rise in Bitcoin‘s (BTC) price, tied to BTC ETF applications, has been impacting the overall cryptocurrency sector and continues to do so. Particularly, lawsuits initiated from the US have put many altcoins at security risk, prompting investors to seek safe havens. In this context, Bitcoin has become a safe haven due to its decentralization, and some cryptocurrencies following Bitcoin’s path have encountered similar interest. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are among these altcoins.
Potential Temporary Rally for Bitcoin Cash
In the last 30 days, Bitcoin Cash (BCH) has seen a 107% increase and has risen to $218. This surge is certainly seen as a significant development for a cryptocurrency that has been stagnant for a long time. Bitcoin SV (BSV), another BTC fork, has increased by 48% in the last 30 days, indicating that the situation is generally directed towards BTC forks.
The fact that most of the altcoins targeted in the lawsuit initiated by the SEC have doubts about centralization has increased interest in BTC and its forks. Currently, investors are flocking to BCH, which has doubled its value in a short time, but there could be a bad end awaiting them.
Temporary SEC Impact!
Prominent analyst and expert Benjamin Stani commented on the current situation. In his remarks as Matrixport’s business development expert, Stani invited investors to be cautious. Stani noted the following:
I can say that this is not about general interest. Both tokens are not widely used and are seen as tokens left over from the past cycle. The fact that Bitcoin forks, especially from the SEC front, are subject to the same evaluation as BTC, is the main reason for the rise and they are seen as commodities. This situation is temporary.
What the analyst refers to as temporary is actually the price rallies. As BTC forks, these two cryptocurrencies are likely to remain in the same legal status as BTC. However, the fleeting nature of rallies in the cryptocurrency sector could upset those who turn to BCH and BSV planning for long-term growth. In this process, BTC has only achieved a 13% increase, gaining more sustainable but lower momentum.
