Cryptocurrency exchange BitMEX published an analysis on Monday that listed the entire labyrinth of Bitcoin’s forks. The results reveal that the cryptocurrency has experienced a total of 44 forks since August last year.
Among the first on the list is the ever-famous Bitcoin Cash, which has gained popularity on its own and attracted the attention of companies like BitPay. Despite its shaky reputation, it continues to have a solid influence on the cryptocurrency market.
Then came Bitcoin Gold, a version of Bitcoin created with the intention of decentralizing mining through an ASIC-resistant algorithm whose difficulty adjusts at every block.
After all of that came some variants of the cryptocurrency that attempted to ride Bitcoin’s coattails by attaching its name to a fork without doing quite as much in the way of innovation.
Only four forks (Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, and Bitcoin Private) have managed to actually generate any sort of significant trading volume. The rest haven’t done much more than create slightly-modified clones of the original.
The list includes coins that attached words to the “Bitcoin” name like Candy, Hot, Platinum, File, Faith, God, Pizza, Hush, Rhodium, Lunar, Green, and Clean.
The last is a fork of Bitcoin that supposedly can only be mined with renewable energy.
“Every node must undergo a peer review to participate in the network,” according to a notice on its website.
Our previous analysis of Bitcoin forks shows that very few of them have gained any traction at all, with some of them failing to achieve any measurable performance even after being listed on major exchanges like Binance.
Bitcoin Diamond, for example, has only experienced a couple of pumps here and there, eventually gaining it a listing in KuCoin and Binance.
Still, despite an immense surge in market capitalization to almost half a billion dollars, the cryptocurrency’s value fails to break any significant price growth barriers.
Its value sat at almost $100 at the end of last year and fell to mere single digits as it has hovered between $2 and $5 since February.