Don’t Invest In Bitcoin Knockoffs In 2022

For some reason, there are still many people who keep looking for the next Bitcoin. While there are worthwhile currencies beyond Bitcoin, there will never be a “next BTC”. Especially the copycat coins using the Bitcoin name are losing traction, which is a positive sign for the overall crypto industry.

Bitcoin Cash (BCH)

Although many people expected BCH to overtake BTC in market cap eventually, that never came to fruition. Despite numerous payment processors and websites accepting it as a payment method, the current continues to lose traction and has dropped out of the market cap top 25 in recent months. Moreover, Bitcoin Cash is still down over 90% from its all-time high and is unlikely to return to that value again.

Bitcoin SV (BSV)

The spin-off from Bitcoin Cash isn’t performing that well either. Although BSV holds a value of over $100, it is nowhere near closing in on the world’s leading cryptocurrency. Currently ranked 69th by market cap and very little interest from non-diehard community members to use this currency, the all-time high of $489.75 remains well out of reach. The currency is 77.8% down from its ATH and 158% above its all-time low, making the coming months crucial.

Bitcoin Gold (BTG)

No one ever considered Bitcoin Gold a viable contender for the top cryptocurrency spot by market cap. For all intents and purposes, it is a currency that provides very little functionality or appeal, even for speculators. As BTG is now down 92.2% from its all-time high, it may be a matter of time until the project drops off entirely. Those who bought the all-time low of $4.25 will still be happy with the current price, although that low may come within reach again this year.

Bitcoin Diamond (BCD)

Similar to Bitcoin Gold, Bitcoin Diamond has no real purpose other than speculative value. Unfortunately for those with high hopes for BCD, the speculative appeal has dropped significantly. One BCD trades for $1.18, a 99.2% retrace from the all-time high of $147.18. Dropping below $1 seems virtually inevitable at this point. It is one of the many cryptocurrencies best left ignored, as nothing good will come of it.

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