Bitcoin forks BCH, BSC and XEC soared last month, but are the gains organic and sustainable?
Bitcoin forks, BCH, BSC, XEC rallied over the last 30 days while KAS and FLEX led among altcoin gainers in June, but data questions the sustainability of their rallies. The start of June saw negative price action across the cryptocurrency market after the U.S. Securities and Exchange Commission brought fresh lawsuits against the world’s largest exchanges, Binance and Coinbase. However, the sentiment quickly turned bullish after a crucial exchange-traded fund proposal was filed by the world’s largest asset management firm, BlackRock, on June 16. A wave of ETF fillings and institutional trading interest in digital assets followed BlackRock’s ETF filling. The launch of EDX Markets backed by Wall Street giants Fidelity Investments, Citadel Securities, and Charles Schwab on June 20 fueled a particular sector of the market in Bitcoin forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) and other proof-of-work (PoW) cryptocurrencies like Kaspa (KAS). The exchange debuted with Bitcoin (BTC), E...