Bitcoin SV added 12 percent at a very unusual moment right when Bitcoin as one of the major competitors crashed to below $7,500 after a few weeks of stability. In today’s Bitcoin SV news, we take a closer look at the price analysis.
Bitcoin SV added more than 29 percent in a single week while the rest of the market was in the red. Over the past week, BSV also posted extremely successful days bouncing off the $90 range and once again reaching triple-digit prices. The previous BSV rally above $100 happened around the birthday of Craig Wright who is one of the most vocal Bitcoin SV proponents and claimants to the identity of Satoshi Nakamoto. Whether this increase in price was a gift to Wright or a stung, the rally continued on Thursday and Friday.
The Bitcoin SV network has added an interesting feature that surfaced today showing a 2.5 BSV bounty for uploading worldwide air quality data. The inclusion of data in BSV blocks is a novelty and the bounty can help build up the community. BSV also rallied in BTC terms increasing to 0.013 BTC in a growing trend. The blockchain of BSV which was basically the fork of BTC, still claims to be the real Bitcoin. Wright also threatened to wipe out BTC in just a matter of moments dumping his BTC holdings while boosting BSV.
Was this rally a part of the threat? It is too early to say and BSV trades on multiple small exchanges so there is the possibility of trading manipulation. Also, it is quite possible that the fast gains will be erased in the next few days as BSV takes its turn to flash-crash. The altcoin already gathered some strength for a few days before the rally on Thursday and the reason for the jump is still uncertain.
The coin dropped to a low of $81 a few weeks ago and the current gains are looking better. The Bitcoin SV mining also increased since mid-October expanding from 800 quadrillion hashes per second to 1.3 quintillion hashes which are still around 12 percent of the BTC hashrate. BSV remains one of the most successful coins that emerged from a fork keeping its presence among the top 10 assets.
Bitcoin SV Adds 19% In One Day, Going From $256 To $305
“Early signs of a bullish reversal on Bitcoin Dominance. Altcoins will be destroyed if this gets back up to 68 – 70% again,” said market analyst Elixium.https://twitter.com/VentureCoinist/status/1229086503827116033 All of these comments from analysts come as Bitcoin SV adds new percentage points to its price. Technicals aside, other catalysts also played a major role in driving the BSV prices down. There were reports about unconfirmed transactions on the Bitcoin SV blockchain which spiked dramatically, leading to its network's mempool rising by 400 times. https://twitter.com/verretor/status/1226084073036275712 The low trading volumes, thin order books and other factors made BSV prone to crashing further. Still, the cryptocurrency is in a good position now and that is worth mentioning.
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