Bitcoin spinoffs are having their week in the spotlight. If only Bitcoin were not in control of the switch.
Sure, Bitcoin has had a good week. Today, traders pushed the coin to its highest price since June 2019. But ya know which coins performed even better this week? Bitcoin spinoffs, each touted as superior to Bitcoin in their own way, yet far less successful…until now!
Childhood dreams came true this week for the creators of Litecoin, Bitcoin SV and Bitcoin Cash, the most popular Bitcoin spinoffs by market cap.
According to data from metrics site CoinMarketCap, while Bitcoin’s price increased by 13.6% this week to its current price of $13,014, Litecoin increased by 24.9% to $59, Bitcoin SV increased by 14.5% to $184 and Bitcoin Cash increased by 8.9% to $272.
Still, their success is trivial compared to Bitcoin, the largest coin by market capitalization. Bitcoin’s market cap is $240.5 billion.
Charlie Lee’s Litecoin, a “Lite” version of Bitcoin, has a market cap of $3.8 billion; Bitcoin SV, the cryptocurrency created by Bitcoin creator (ha!) Craig Wright, has a market cap of $3.3 billion; and Bitcoin Cash, another spinoff to Bitcoin that has a larger block to prime it for payments, has a market cap of $5 billion.
How about now?!
https://t.co/HQIHFfIQYd
— Charlie Lee [LTC
] (@SatoshiLite)
But all eyes are still on Bitcoin; combined, the market caps of all three spinoffs total $12 billion. That’s 5% of Bitcoin’s market cap.
That’s perhaps why Kanye West didn’t talk about Bitcoin SV on the Joe Rogan Podcast; Jack Dorsey’s Square didn’t invest $50 million in Bitcoin Cash; and MicroStrategy CEO Michael Saylor hasn’t spent the past month relentlessly promoting Litecoin after his company bought $450 million worth of the cryptocurrency.
No, as Saylor put it last month, it’s “Bitcoin” (emphasis added) that’s “a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.”
Keep on dreamin’, Bitcoin spinoffs.
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