As Bitcoin’s Price Breaks Records, Bitcoin Spinoffs cash in Bitcoin spinoffs are having their week within the spotlight. If only Bitcoin weren't on top of things of the switch.
Sure, Bitcoin has had an honest 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 within the week for the creators of Litecoin, Bitcoin SV and Bitcoin Cash, the foremost popular Bitcoin spinoffs by market cap.
According to data from metrics website CoinMarketCap, whereas Bitcoin’s value redoubled by 13.6% within the 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 money increased by 8.9% to $272. Still, their success is trivial compared to Bitcoin, the foremost necessary coin by market capitalization. Bitcoin’s market cap is $240.5 billion.
Charlie Lee’s Litecoin, a “Lite” version of Bitcoin, options a market cap of $3.8 billion; Bitcoin SV, the cryptocurrency created by Bitcoin creator (ha!) Craig Wright, features a market cap of $3.3 billion; and Bitcoin Cash, another spinoff to Bitcoin that features a bigger block to prime it for payments, features a market cap of $5 billion. 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 mention 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 divinity of wisdom, feeding on the fireside of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.” Keep on dreaming’, Bitcoin spinoffs.
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