Bitcoin SV (BSV) Lands among Top 10 Coins
The pre-fork futures gained the right to become a separate digital asset on a secure blockchain, lining up among top 10 coins by market capitalization.
Bitcoin SV (BSV) has become the latest addition to the top 10 list of coins based on market capitalization. After CoinGeek and nChain conceded they were not fighting anymore for the BCH ticker, the new chain was deemed secure enough to list as a separate digital asset. Bitcoin SV, standing for Satoshi’s Vision, attempts to serve the purpose of digital cash by gradually growing block size.
The price of BSV rapidly climbed to three-digit levels, moving opposite the market as all other assets crashed again. BSV doubled in a week to reach $112.68, growing by more than 14% in the past 24 hours. The official date of its launch and the listing of the supply of 17,477,861 BSV was November 26.
BSV volumes rose to above $600 million equivalent, while the BCH ticker saw around $319 million in trades. More than 50% of BSV volumes are against Tether (USDT), creating a mechanism to de-couple from Bitcoin prices.
BCH, carrying the ABC version update, traded at $186.17, and there is a possibility the newly forked chain may gain a price advantage.
BSV has the immediate advantage of being listed on the biggest exchanges by virtue of being a fork of Bitcoin Cash. While platforms were reluctant to list both assets during the hash wars, the clear split of the two chains and their final goals made all markets offer trading for BSV. Upbit and Binance carry most of the trading.
Despite skepticism around the personality of Craig Wright, the BSV version has received a warm welcome from the crypto community. Due to its technological approach, BSV is one of the rare projects attempting on-chain scaling, testing the limits of block size and blockchain technology. The move did not go without glitches, such as a blockchain reorganization in the early days of the blockchain, the need for double-spending protection, and troubles with large blocks.
BSV has turned into one of the more prominent topics on social media, often linked to significant price movements. Despite the initial spike, with the drop in BTC prices, BSV also feels the negative sentiment of the bear market.
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