Following its inclusion in futures trading options on Binance, one of the world’s leading cryptocurrency exchanges, bitcoin-sv-bsv-skyrockets-by-more-than-58-this-week-amid-new-binance-perpetual-contract-listing/” target=”_blank” rel=”nofollow”>bitcoin SV (BSV) experienced a significant 64% gain in value this week. After splitting from bitcoin Cash (BCH) in late 2018, BSV now trades at $54.02, a significant increase from $34.08 just a week earlier.
On Saturday, BSV reached a significant peak of over $58 in prominent spot markets. The last instance where BSV was observed trading above $58 occurred in mid-September 2022. Since its notable rise on September 27, the cryptocurrency’s price has seen a substantial rise of over 90% .
bitcoin SV price reached an all-time high of $491.64 during the previous bull run. However, the market crashed, causing the currency to drop more than 95%. Following rumors about the adoption of a bitcoin ETF, BSV price has started to move bullish and is currently trading at a discount of 89.19% from its previous ATH.
BSV price rally in the last week. Source: bitcoin-sv" target="_blank" rel="nofollow">Coingecko
Bitrue, a widely used centralized exchange platform, has recently listed bitcoin-sv-bsv-almost-doubled-in-30-days-possible-reasons” target=”_blank” rel=”nofollow”>BSV on its USDT pair and started a promotional campaign offering a $1,000 welcome bonus. This exchange is particularly favored by the XRP and Ripple communities.
New listing $BSV is reaching #bitruth spot trade.
Open deposit
BSV/USDT pair
Trading starts at 12:00 UTC on October 19New users can claim a welcome bonus of 1000 $USDT
Details: https://t.co/o8eBXZrl9E pic.twitter.com/2O7qmZehVX
— Bitrue (@BitrueOfficial) October 19, 2023
bitcoin SV: Recapturing Satoshi’s vision with larger blocks
bitcoin SV (BSV), designed as a peer-to-peer electronic cash system, claims to embody the original vision of bitcoin creator Satoshi Nakamoto, despite the controversial claim made by its creator, Australian computer scientist Craig Wright, who many in The crypto community dispute.
BSV seeks to address the efficiency issues seen in bitcoin (btc) and bitcoin Cash (BCH) by substantially increasing the block size to minimize transaction fees.
At the beginning of the year, the BSV coin was trading in the range of $39.50 to $44.75 until March, after which it saw a decline and traded between $34.90 and $39.40 until May. This was followed by relatively minor fluctuations before another drop, where the price ranged between $29 and $34.90.
BSV market cap at $1.07 billion on the weekly chart: TradingView.com
In June, BSV hit an all-time low but then gained momentum, rising and subsequently facing rejection around $56.47, resulting in a 50% drop. The coin then traded between $34.93 and $39.54 for a period, followed by another drop.
BSV price rise linked to SEC ETF speculation and intra-community disputes
There has been a recent surge in the value of bitcoin SV (BSV), and some analysts have linked it to the possibility of a spot being approved by the US SEC. bitcoin-etf-according-to-major-bank/” target=”_blank” rel=”nofollow”>bitcoin ETFs. Given the current disputes within the BSV community (Christen Ager-Hanssen, a well-known BSV supporter, resigned as CEO of nChain due to a disagreement with BSV leader Craig Wright), this demonstration is significant.
In summary, the future price path of BSV depends on the bullish market forces successfully surpassing the important resistance level of $56.48. This breakthrough has the potential to attract new investors and then challenge the highest barrier level of $61.99.
(The content on this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk.)
Featured image from The Cryptonomist
