For some reason, Bitcoin forks have been rallying extremely hard over recent days.Bitcoin Gold and Bitcoin Diamond have gained approximately 20 percent in the past two days alone, making them the best-performing digital assets in the top 100 coins by market capitalization. Litecoin, too, has performed well over recent days, actually outperforming Bitcoin over the past week.
“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn. Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”
Zombie chains and DeFi protocols still need a massive relative repricing.
Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn
Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn
— Eric Conner (@econoar) November 15, 2020
Jason Choi, head of research at Spartan Capital, has echoed this sentiment.As reported by CryptoSlate, he said on investing in Bitcoin forks:
“I can’t find a defensible thesis for most $BTC forks (LTC, BCH, BSV) over the long term. With the emergence of fee-accruing tokens in DeFi, seems natural that capital parked in these glorified digital pet rocks either flow to BTC or to DeFi.”