Bitcoin SV (BSV) Held as Reserves, Miners Selling May Undermine Prices
The current price spike for BSV may be based on a tendency to hold onto the coins, as selling would tank the market price.
Bitcoin SV (BSV) may be boosted by loyal miners, which hold onto the coins. According to reports, as much as 50% of the block rewards have been kept in storage.
BSV, the asset that branched from Bitcoin Cash (BCH) almost a year ago, went on to split as a new type of coin. The network relies on the loyalty of miners, which are supposed to provide the hardware and readiness to propagate extremely large blocks.
BSV currently trades at $126.17, remaining relatively stable. The asset has reached above $532 million’s equivalent in daily volumes, despite the lack of markets on Binance. BSV has built up a robust community in China and Korea, despite the criticism about promoting Craig Wright’s narrative.
At this point, BSV’s support of the hoard of coins is the expectation that the asset’s price would spike at the start of 2020. Wright, despite his absence from social media, has apparently hinted at a concerted attack against Bitcoin (BTC), potentially leading to a spike in BSV prices.
The chief selling point for BSV is that it would manage to displace the leading asset and become the de facto Bitcoin. Claims are made that the idea may have some supporters, though for now BSV remains an altcoin.
BSV has bigger ambitions than merely an altcoin season. Despite giving up on displacing BCH, the asset set its sights on attacking BTC directly. So far, none of the attacks have succeeded, and it remains to be seen if the community has enough resources to mount a trading spike in the current markets.
The BSV hashrate remains at 1.16 EH/s, between 70 and 100 times lower in comparison to the activity of BTC. Even with the Coingeek mining pool and other loyal miners, BSV has weak support. The halving of the reward in 2020 may add to the loss of miners.