With the rise of Ethereum, Solana, and other alternatives, thousands of tokens have entered into a fierce competition with each other. The alternatives seem endless. It all started with altcoins being alternatives to Bitcoin as a store of value. Forked cryptocurrencies claimed to be better than Bitcoin and once reached massive prices. However, now we are reaching the end of the road.
Bitcoin Gold, Bitcoin SV, and Bitcoin Cash were quite exciting stories for those who remember the year 2017. But now they have turned into fairy tales. Vitalik Buterin said about a year ago that they were disappointing because they didn’t meet expectations. However, there was some hope for BCH and BSV afterwards.
Last year, EDX Markets, supported by Fidelity, announced that it would facilitate BCH coin transactions along with a few other altcoins. After this announcement, the platform started its operations a few months ago and the BCH coin price exceeded $300. Later on, EDX Markets (just a few weeks ago) removed BCH from the platform.
The only hope was that with the expansion of Bitcoin’s institutional acceptance, its alternatives would also attract attention as competitors. However, this is not happening and probably most investors in a few years will not even recognize them. Because the delisting process is starting on centralized exchanges.
Coinbase announced that it will delist Bitcoin SV on January 9th. In June, BSV broke out of the long-term descending resistance trend line but failed to clear an important horizontal resistance area. With the recent news, the direction may have completely turned downwards.
Readings on the daily chart show that the price is stuck in the range of $40 to $56. The daily RSI is in a downtrend and the Coinbase announcement is a clearly negative development. Unless there is a major surprise and we see a speculative rise, we may observe the price heading towards the long-term low level of $15.7 after $40 and $20.
On the other hand, the possibility of a speculative rally pushing the price above $56 and moving it to the $67 resistance after daily closing is not zero. This could initiate an upward movement in the long term.
So, while exchanges delist and EDX Markets removes its sister token BCH, what motivation do investors have to buy?