Today some significant shifting happened among the top cryptocurrencies, with BCH SV seeing a sudden uptick, overtaking on only BCH ABC, but Tether as well.
According to Crypto Globe, data analytics firm Santiment today concluded and announced findings that Tether is the ‘most stable’ stablecoin. Despite this, Tether is continuing to lose market dominance. According to CoinGeek, Tether has fallen from owning 94% of the stablecoin market to around 74%, with no reason to suspect this trend of reversing given the increasing visibility of competing stablecoins like USDC.
Accordingly, Tether today fell to 6th place in the top cryptocurrency ranking by volume according to Coinmarketcap.
Despite Tether’s falling performance, the real engine behind the flippening was BCH SV’s sudden spike. This was reported as possibly imminent earlier today, and since BCH ABC has seen a 24 hour price reduction of 20% by value while BCH SV rose by the same amount. Now SV has not only usurped its main competitor BCH ABC, but Tether as well, making it one of the few gainers among the bleeding crypto market.
Thanks Tom, but I don't think a flippening in price means SV won. Especially if the lawsuit is what's doing it. The real answer will be revealed months or possibly years down the road. Like with BTC.— zbingledack (@zbingledack) December 7, 2018
This seems most likely due to a recent lawsuit against the proponents of BCH ABC, and doesn’t necessarilly mean that SV’s sudden spike represents long term value, nor is the corollary drop in ABC’s price a death knell, depending on the eventualities of the litigation.
Nonetheless, while the market continues to bleed, opportunities for cryptocurrencies overtaking each other are bittersweet when investors continue to take money out of the crypto market at large, with no clear end in sight.