Key takeaways
- BSV is enjoying a good run after adding 6% to its value this week.
- The coin could rally towards the $40 psychological level soon amid strong technical indicators.
Bitcoin SV breaks into the top 100
Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash cryptocurrency and is mirroring its performance. Bitcoin Cash is up 20% this week, while Bitcoin SV has become one of the top performers over the last few days.
BSV is up 6% in the last seven days, allowing it to break into the top 100 cryptocurrencies list. With a market cap of $634 million, Bitcoin SV could soon surpass IOTA, GALA, Sandbox, and Lido to become the 90th-largest cryptocurrency by market cap.
At press time, the price of BSV stands at $32, but the coin could rally towards the next resistance level at $40 in the coming days or weeks. The positive performance comes despite the ongoing conflict between Iran and Israel, which has disrupted the global financial markets.
BSV could rally towards $40 soon
While Bitcoin Cash is rallying to new yearly highs, BSV could also rally higher after losing nearly 30% of its value over the last three months. The technical indicators are turning bullish, indicating that the bulls are gaining control of the market.
At press time, BSV is trading at $32.11. The Moving Average Convergence/Divergence indicator is still within the negative region but is heading into the positive zone. This shows that buyers are regaining control of the market following weeks of selling pressure.
The relative strength index of 45 also shows that BSV is heading into neutral territory. This could see BSV rally higher in the near term. If Bitcoin SV breaks above the $40 resistance level, bulls could push it higher towards the $46 mark.
Currently, the daily candle is bullish, with the corresponding lower timeframes also supporting buying pressure.
The hard fork token from Bitcoin, known as Bitcoin SV, continues to rise and has crossed $100 for the first time since February 2022.
The price spike, which is noteworthy for having increased by almost 110% in just one week, is mostly attributable to increased trading activity and interest in the South Korean market.
Upbit Spurs Bitcoin SV Surge: Insights
Upbit, the biggest cryptocurrency exchange in South Korea, has been the center of this increased interest in BSV. On New Year’s Day, Upbit registered a significant $275 million in BSV trading activity.
With a total trading volume of $753.5 million, this trading frenzy has driven Bitcoin SV’s market cap to $1.7 billion.
The trend is not exclusive to Upbit, as the trading volume of the token on OKX has also significantly increased, surpassing $47.5 million. In the past 24 hours, BSV’s trading activity has surged by more than 300%.
By trading volume, Bithumb, a significant regional exchange, ranks among the top three as well. Notably, throughout the past 24 hours, Upbit and Bithumb have accounted for around 70% of BSV’s total trading volume.
As of this writing, Coingecko statistics indicates that BSV was trading at $102.87, up 7.3% and 109.1% over the previous day and week, respectively.
BSV seven-day price action. Source: Coingecko
Positive indicators including a bullish Relative Strength Index and a Moving Average Convergence Divergence, together with a trading volume rise of more than 40%, back the surge.
The RSI is moving north while in the overbought area, suggesting a bullish future trajectory for the price of BSV. While the price of Bitcoin SV appears to be accelerating, the MACD is likewise in the green zone, indicating purchasing pressure on the cryptocurrency.
The Bitcoin fork stands out as one of the top cryptocurrency gainers, and although encountering resistance around the $115 level, BSV’s performance follows a wider pattern of erratic moves in the crypto market.
BSV market cap currently at $1.9 billion. Chart: TradingView.com
Bitcoin SV’s Rise Amid Regulatory Moves
In an effort to transform Bitcoin SV into an enterprise-level blockchain and peer-to-peer payment system, proponents highlight the platform’s scalability, reliability, and security. The recent surge in Bitcoin and the likelihood of the SEC approving a spot ETF are driving interest in BSV.
Meanwhile, to counteract illicit behavior, South Korea recently established a regulatory framework for cryptocurrencies. In a significant move toward regulation, the nation mandated on December 28 that public servants register their cryptocurrency holdings. Controlled domains offer security, which may have drawn investors to these developments.
Although there remains resistance in the vicinity of $115, BSV has outperformed the overall market and is now a top gainer. Depending on how investors respond to its distinct value proposition and how the larger crypto scene develops, the market’s trend may continue or slow down. Watch BSV closely as it forges ahead in the dynamic digital asset market.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The crypto prices today have noted robust gains, with most of the major cryptos experiencing significant surges, suggesting growing investors’ confidence. Meanwhile, several market watchers also see this positive momentum as a start of the Santa Claus rally.
The market has gone through volatile trading this week, as investors and whales seem to have taken a holiday pause. Notably, almost all the major cryptos have noted some losses so far this week, which has dampened hopes over a year-end rally of many investors. However, the recent run towards the north has boosted the confidence of the crypto market enthusiasts.
Talking about the crypto prices, the Bitcoin price was up 2.65% to $43,446.82 during writing, with its trading volume slipping 15.15% to $25.94 billion. With the recent gains, the largest crypto by market cap has added almost 17% over the last week, while staying near the flatline over the last seven days.
Simultaneously, the Ethereum price noted robust gains of 8.26% and traded at $2,407.63 at the time of writing on December 28. Its trading volume also jumped 54.88% to $16.76 billion. On the other hand, the BNB price was up 13% to $327.30, with its one-day volume dropping 5% to $1.98 billion.
In contrast, the Solana price noted a gloomy scenario, losing 5.51% over the last 24 hours to $104.36. Its trading volume also dropped 28.69% to $4.33 billion. Meanwhile, the Cardano price was up 12% to $0.6643 at the time of writing, and its trading volume rose 24.77% to $1.10 billion.
The meme coins segment also stayed in the positive territory, with the Dogecoin price jumping 4.28% to $0.09432, and its one-day volume falling 18.8% to $466.83 million. In addition, the Shiba Inu price was up 5.03% to $0.00001093 during writing.
Meanwhile, the gains in the major crypto prices have helped the market to witness a robust surge on Thursday. As of writing, the global crypto market cap was up 4.41% to $1.71 trillion, and its trading volume was down 3.37% to $79.79 billion. Notably, the fear and greed index stayed at 73, suggesting a “greed” sentiment in the broader digital asset space.
Also Read: Ethereum (ETH) Price Jumps 9% Above $2,400, Beginning of 2024 Bull Run?
The Top Crypto Prices For Today Are
Pepe Coin Soars 12%
Pepe Coin is one of the leading players in the meme coin space that has gained traction this year, as evidenced by some of its bull runs. Meanwhile, as of writing on December 28, the Pepe coin price was up 11.57% and traded at $0.000001467, while its trading volume over the last 24 hours soared 29% to $150.62 million. Despite recent losses, it has added over 16% over the last seven days.
Bitcoin SV (BSV) Advances 63%
The Bitcoin SV price was up 63.09% to trade at $86.10 at the time of writing on Thursday, suggesting a growing interest from the market participants. The recent gains also marked the crypto as a top percentage gainer in the market today. Meanwhile, the trading volume of the crypto skyrocketed 828.68% to $590.21 million during writing.
Aave (AAVE) Jumps 25%
The Aave crypto was another top mover in the digital asset space on December 28 amid a rally in the broader crypto market. At the time of writing, the Aave price increased by 25.44% to $126.18, while its trading volume jumped 72.74% to $473.28 million. Notably, the crypto has added nearly 33% over the last seven days.
Also Read: Cathie Wood Sells Off All Remaining Grayscale GBTC Stocks
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Pepe, Shiba Inu (SHIB), Bitcoin SV (BSV), and El Hippo (HIPP) Price … Analytics Insight
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Bitcoin SV and Bitcoin Cash prices were among the top-performing currencies on Monday as a sense of hope returned in the crypto market. BSV jumped by more than 13% to $38.27 while Bitcoin Cash jumped to $228.64. Other top-performing cryptocurrencies were Solana and Stacks.
The main catalyst for the rally was the ongoing hopes that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF. These hopes were amplified by the decision by the SEC to move on without appealing the Grayscale lawsuit.
BCH and BSV prices jumped after a false report by Cointelegraph suggested that the SEC had expected iShares Bitcoin Trust. That report pushed Bitcoin to almost $30,000 and then it retreated shortly afterwards.
Bitcoin Cash and Bitcoin SV also jumped as a sense of optimism continued in the market. Move was exemplified by the strong performance of American equities. The Nasdaq 100 index jumped by more than 1.10% while the S&P 500 and Dow Jones jumped by over 1%. Historically, cryptocurrencies tend to do well when stocks are rising.
Still, the risk for BSV and BCH is that it is still too early to determine whether the SEC will approve Bitcoin ETF. If it does, these coins will rise because it will raise the possibility of companies filing for their separate ETFs.
The other risk for these cryptocurrencies is that inflation expectations have been rising in the past few weeks. The implication is that the Fed will maintain a hawksh tone in the coming months.
BSV has bucked a bearish trend amid the general crypto market downturn, posting notable gains over the past 24 hours. Bitcoin SV (BSV) recorded an 8% 24-hour price increase, while Bitcoin succumbed to bearish pressure, dipping nearly 3% today, October 3.
As a result of today’s uptick, BSV now trades at $40.4, representing an 8% increase in the last 24 hours. Also, the token has recorded over 31% seven-day increase, regaining over 34% of its past month’s gains.
These prominent strides confirm buyers’ dominance in the BSV market today. However, given the bearish state of the general crypto market, how long can BSV sustain this rally? What factors triggered this dramatic surge? Let’s find out.
Bitcoin SV Price Surges Amidst Controversy Surrounding CEO’s Resignation
BSV price gains correlate with the sudden resignation of nChain’s CEO, Christen Ager-Hanssen, on September 29. nChain is a firm that offers blockchain-based services related to the BSV chain. Its former CEO, Ager-Hanssen, immediately announced his departure from the group on September 29.
Ager-Hassen mentioned reporting several issues to the nChain board, which included a conspiracy to defraud shareholders. He also stated that a significant shareholder orchestrated the conspiracy.
Further, he claimed to discover evidence that BSV creator Dr. Craig Wright manipulated documents to deceive the court that he was Satoshi.
However, Bitcoin SV’s supporter Calvin Ayre reviewed Anger-Hanssen’s departure. According to Ayre, Anger-Hanssen has never run a successful company and lies to steal assets
Notably, Bitcoin SV sparked to life after nChain released a statement that Stefan Matthews would take over as acting CEO.
Recent Tweet By Supposed Bitcoin Founder Boosts Investor Sentiment On BSV
Another event that occurred around BSV was an October 2, 2023, tweet from an account claiming to be Bitcoin’s founder, Satoshi Nakamoto. Interestingly, the last tweet from this account was on October 31, 2018.
According to a recent tweet, Nakamoto stated that Bitcoin is a predicated machine. He revealed his desire to explore other aspects of the project not contained in the whitepaper.
The tweet attracted positive reactions, with one user stating that the first post since 2018 has to mean something. Since Bitcoin BSV supposedly aligns with the original Bitcoin vision, it benefited from this sentiment. The reactions likely increased investor confidence, leading to massive token demand and today’s 8% uptick.
Although the real identity of Satoshi Nakamoto and his involvement in this saga remains a mystery, these controversies positively affected BSV’s price.
What Next For BSV?
BSV has flipped the $32.6 resistance into support to form a large green candle on October 2. It faces the next resistance at the $40.4 price level. A break above this level will likely send BSV up to $42.
Since the Relative Strength Index (RSI) indicator is in the overbought zone at 81.9, it confirms the strong buying pressure pushing BSV up. Nevertheless, traders should expect a slight retracement in the coming days once the buyers begin to make a profit.
Featured image from Pixabay and chart from TradingView.com
Bitcoin SV price surged to the highest level since March 1 as investors moved to the coin, which is an alternative to BTC. BSV jumped to a high of $42.10, which was about 48% above the lowest level this year. The coin’s market cap has jumped to more than $748 million.
Is this a pump-and-dump scheme?
There was no news that pushed Bitcoin SV higher on Tuesday. A likely reason why the BSV is rising is because some investors believe that it is a better alternative to Bitcoin. As we wrote in this article on Monday, Bitcoin’s fees jumped on Monday because of elevated congestion in the network.
As a result, Binance, the biggest crypto exchange in the world, suspended Bitcoin withdrawals several times on Monday. Bitcoin SV, which has less volume than the main Bitcoin, is therefore seen as a better alternative. For one, its transactions take less than 2 seconds to complete while the average transaction fee is about $0.0001. Also, the network can handle over 50,000 transactions per second (tps).
BTC is unusable, why not just use something else like BSV?
— whalechart (@WhaleChart) May 7, 2023
However, it is worth noting that the BSV price rally could be a pump-and-dump scheme. This is a situation where insiders or large holders buys an asset, promote it, and then exits at a profit, leaving buyers holding the bag. This situation is common among low-volume coins like Bitcoin SV.
Bitcoin SV price prediction
The daily chart shows that the BSV price has been in a strong bearish trend. It has crashed by over 90% from the highest point on record. The coin has also moved below all moving averages. It moved slightly above the crucial resistance point at $34, the lowest point on November 22 last year.
Therefore, I believe that this Bitcoin SV rally does not have legs. As such, there is a likelihood that it will resume the downward trend to where it was before it jumped. This could see it retreat to the next key support at $30.
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Halving Video https://www.youtube.com/watch?v=M7UfwipG2X0
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Time Stamps
1:35 What is the Halving?
4:00 Why are BCH, BSV & BTC Similar?
4:55 Bitcoin Cash Halving
7:10 Bitcoin SV Halving
9:26 Why Bitcoin Could be Different
11:56 What Could happen with Bitcoin
13:18 Price Impact From Previous Halvings
15:58 Price Potential Now
18:52 Conclusion
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Helpful Links & Sources
► Stock to Flow:
https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25
► Normalized Miner Income: https://fork.lol/reward/dari/btc
► Halving Countdown: https://www.bitcoinblockhalf.com/
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News Stories
► Miner Exodus: https://cointelegraph.com/news/bitcoin-cash-halving-results-in-miner-exodus-and-profitability-decline
► Halving Epic Fail: https://magazine.cointelegraph.com/2020/04/11/bitcoin-forks-halving-epic-fail-moon-lambo-nailed-it/
► Halving Costs Miners: https://www.theblockcrypto.com/linked/61657/bitcoin-miner-revenue-after-halving
► Difficulty Adjustments: https://twitter.com/100trillionUSD/status/1194386816012619777
► IMF Downturn Prediction: https://www.nytimes.com/2020/04/14/us/politics/coronavirus-economy-recession-depression.html
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What is the Halving?
The halving is a protocol defined adjustment that will see block rewards cut in half. Block rewards are the Bitcoin awarded to miners for verifying transactions.
These are new Bitcoin that are minted and hence add to the outstanding supply. As the block rewards halve, so do the ongoing supply been added to the Bitcoin network.
The mining reward halves every few years and will continue to halve going into the future.
Bitcoin Cash Halving
It took place on Wednesday the 8th of April at block height 630,000. In the immediate runup to the event, the price reached just below 280 dollars.
Immediately post halving something else happened. Miners turned off their machines and hashing power fell.
Right after the halving, the cost to conduct a 51% attack on the Bitcoin Cash network dropped to just under $6,000 per hour. The price also started to fall and has been falling since.
Bitcoin SV Halving
Like BCH, there was as a run up in the price of BSV prior to the halving where it reached a high of $221.
Just prior to the halving, the hash rate on Bitcoin SV was at 3 exahashes per second.
The day after the halving, this had fallen to less than 1 exahash per second. This then drove the cost of conducting a 51% attack to below that of Bitcoin Cash at only $4,000.
Less hashing power also had the impact of driving down the block propagation speed and hence the transactions per second.
BSV also had a price fall.
Why Bitcoin Could be Different
The original Bitcoin remains the most well known and garners the most interest. Over the past few months, interest in the Bitcoin halving has eclipsed that of Bitcoin Cash and Bitcoin SV
It remains in the portfolios of nearly every crypto focused hedge fund or crypto whale. It is hashed by nearly every big mining pool and farm in the world.
What Could Happen with Bitcoin
I do think that we will see a hashpower fall of some sort. Many of the marginal miners will switch off those machines.
As the difficulty comes down, hashpower could come back online and we could see a recovery of some sorts.
What happens depends on what happens pre halving. If there is a lot of speculative buying pre halving we could see a highly inflated price which prior. Then it could retrace post the halving as the hype subsides. However a rally could come when supply / demand imbalances come to the fore.
If it is slightly similar to the 2012 halving with not that much of a rally in price then we could see it trade rangebound after the event. It could eventually rally within a few weeks after that as the same supply / demand imbalances are realised.
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Halving #Bitcoin #Crypto #Trading #BTC #bitcoincash #BSV #BCH
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