Bitcoin Forks BCH, BSV, and XEC Surge Last Month — Are Gains Organic and Sustainable?

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In June, several Bitcoin forks — including Bitcoin Cash (BCH), Bitcoin SV (BSV), and eCash (XEC) — saw sharp price increases, capturing investor attention amid broader market volatility. Alongside them, altcoins like Kaspa (KAS) and FLEX Coin (FLEX) also climbed significantly. However, while the rally made headlines, deeper analysis raises critical questions about whether these gains were driven by real fundamentals or speculative forces with limited staying power.

The crypto market began June on a bearish note following new lawsuits from the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, two of the world’s largest exchanges. Investor sentiment shifted quickly, however, after BlackRock — the world’s largest asset manager — filed for a spot Bitcoin ETF on June 16. This pivotal move reignited institutional interest in digital assets and triggered a wave of optimism across the sector.

Bitcoin itself rose 11.94% for the month, reclaiming the $30,000 mark for the first time since April 2023. Ethereum followed with a steady climb to $1,853, while Litecoin (LTC) reached $97.05. Yet outperforming many major players were lesser-known forks and niche altcoins, sparking debate about their true value and sustainability.

FLEX Coin Rides on OPNX Hype — But Is It Built to Last?

One of the top performers in June was FLEX Coin (FLEX), which surged after integrating with Open Exchange (OPNX), a platform backed by the co-founders of the now-defunct Three Arrows Capital (3AC). The token hit a 13-month high of $4.37 on June 27.

OPNX aims to become a claims-based exchange for creditors of collapsed crypto entities, with FLEX serving as a utility token for settling claims and earning staking rewards. The project received approval from Seychelles courts in early March to restructure its operations.

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Despite this momentum, red flags remain. While FLEX’s price approached its 2022 peak levels, trading volume remained extremely low — just 0.01% of its previous daily peak of $1 billion. This disconnect suggests limited organic demand and high vulnerability to manipulation.

Low liquidity allows smaller volumes of trades to create outsized price movements, making such assets prone to volatility. Technically, resistance looms at the 2022 breakout level near $5.08 and the all-time high of $7.56. Conversely, a bearish scenario could see prices drop by up to 80% to the $0.75 accumulation zone seen in May 2023.

FAQ: Understanding FLEX and OPNX

Q: What is OPNX and how does FLEX relate to it?
A: OPNX is a proposed exchange designed to help creditors recover assets from failed crypto funds like 3AC. FLEX serves as its native token, used for governance, claims processing, and staking rewards.

Q: Why is low trading volume a concern?
A: Low volume indicates weak market participation. Prices can be easily manipulated, leading to artificial rallies that may not reflect real demand.

Q: Is FLEX backed by strong fundamentals?
A: Currently, its value is tied more to speculation and association with 3AC’s legacy than proven on-chain usage or revenue generation.

Bitcoin Cash (BCH) Soars on EDX Listings and Market Sentiment

Bitcoin Cash (BCH) more than doubled in price during June after being listed on EDX Markets — a new exchange backed by major financial institutions. It debuted alongside BTC, ETH, and LTC as one of the platform’s initial offerings.

The listing acted as a strong catalyst, but other factors contributed too. Negative funding rates in perpetual swap markets indicated leveraged long positions were being liquidated — often preceding sharp price rebounds. Additionally, unusual trading patterns on South Korean exchange Upbit suggest potential market manipulation may have played a role.

According to The TIE, a crypto analytics firm, over $21 million in BCH positions were liquidated in June — far exceeding normal levels, where daily liquidations typically amount to just thousands of dollars.

However, underlying fundamentals tell a different story. Total fees paid on the Bitcoin Cash blockchain have remained below $200 per day since the start of 2024 — signaling minimal network activity.

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For comparison, Litecoin (LTC), which offers similar transactional utility, generates roughly ten times more fee income for miners. This stark contrast highlights BCH’s weak usage metrics and raises concerns about whether recent price action reflects genuine adoption or short-term speculation.

BSV Rides BCH’s Coattails Despite Weak Fundamentals

Bitcoin SV (BSV) gained 31.4% in June, largely due to its strong correlation (0.78) with BCH. After hitting a two-year low of $21.43 on June 10, BSV rebounded alongside the broader Bitcoin fork narrative.

But BSV’s long-term trajectory has been downward since 2022, as interest waned post-bull market. Its network security is particularly concerning: a 51% attack on BSV costs less than $2,000 per hour, compared to over $1.4 million for Bitcoin.

This low barrier makes BSV highly vulnerable to malicious actors who could disrupt transactions or double-spend coins. Combined with declining miner participation and negligible real-world use cases, BSV’s price surge appears disconnected from its technological or economic foundation.

Kaspa (KAS) Gains Momentum Through Innovation and Hype

Kaspa (KAS) emerged as another top gainer, benefiting from its unique technical design and upcoming developments. As a proof-of-work (PoW) blockchain like Bitcoin and Litecoin, Kaspa achieves one block per second — drastically faster than Bitcoin’s 10-minute interval.

The team behind Kaspa, Kaspa Labs, recently hinted at launching a public testnet that could scale throughput by up to 10,000x. This potential leap forward fueled investor excitement.

Yet challenges persist. Most KAS trading occurs on unregulated exchanges with low volume and poor trust ratings, according to CoinGecko. This environment increases susceptibility to price manipulation.

Technically, KAS could retest its 2023 high near $0.40 if bullish momentum continues. On the downside, a retreat to the yearly low around $0.15 remains possible.

Despite thin liquidity and stiff competition from larger PoW networks, KAS has maintained an upward trend over the past year — consistently making higher highs and higher lows — suggesting growing community support.

eCash (XEC) Joins the Fork Rally With Questionable Utility

eCash (XEC), originally known as Bitcoin Cash ABC, is itself a fork of Bitcoin Cash — making it a third-generation descendant of BTC. Like BSV and BCH, XEC rode the wave of renewed interest in legacy Bitcoin forks.

However, XEC shares similar weaknesses: minimal on-chain activity and low liquidity outside major Asian exchanges like Binance and Bithumb. Notably, it lacks listing on any U.S.-based regulated exchange — a significant red flag for compliance and legitimacy.

The lack of robust infrastructure and real-world application undermines long-term viability. While short-term pumps may occur due to coordinated trading or social media hype, sustainable growth requires utility, adoption, and security — areas where XEC currently falls short.

FAQ: Evaluating Bitcoin Forks

Q: Why do old Bitcoin forks keep surging?
A: Often due to nostalgia, speculative trading, exchange listings, or broader market rallies that lift all boats — regardless of fundamentals.

Q: Can low-liquidity coins sustain price gains?
A: Rarely. Without consistent volume and real usage, prices are vulnerable to rapid reversals once speculation fades.

Q: What makes a cryptocurrency fundamentally strong?
A: Active development, growing user base, secure network, real-world utility, transparent governance, and healthy trading volume across reputable platforms.

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