Bitcoin SV (BSV) Price Peaked Above $250, Followed by Deep Crash
The latest climb of BSV prices followed a fake news message spread around chat channels, leading to extraordinary interest in the coin.
The rally for Bitcoin SV (BSV) continued late on Thursday, bringing the coin to a record point above $250. The asset reached a daily high at $251.07, an absolute peak in dollar terms. However, later, the coin went on to crash just as fast, wiping out last day’s gains and landing at $188.48 as of 6:15 UTC on Friday.
BSV is still extremely volatile, bouncing off from lows at around $179 on Friday. It is unknown what direction the asset would take, as it is still in the price discovery stage. BSV has a mixed reputation in the community, but if the price sets out to rise to a higher range, it is possible the coin will keep attracting interest.
The competing coin, Bitcoin Cash (BCH), managed to regain the $400 tier not seen since the two chains split after November 15, 2018. Now, it is uncertain what the fair price for BSV would be. The latest drop in prices also arrives after most coins fell, as Bitcoin (BTC) retreated towards $8,270.
At the same time, BSV is going through trading anomalies, including large-scale sales:
Currently, the BSV hashrate is around 1 EH/s, rising after the price spiked. This is more than 50 times smaller in comparison to the Bitcoin hashrate. The BSV network aims to rely on known miners and strives to propagate very large blocks as a scaling solution. For now, the network carries less than 40,000 transactions per day, on par with Bitcoin Cash, but about 10 times lower in comparison to Bitcoin’s network.
What is unusual about BSV is the small share of BTC trading - just 21%, according to CryptoCompare data. The biggest weight of trading goes to Tether (USDT), making 51% of all activity. This allows for the BSV price to rise rapidly, getting de-coupled from BTC positions.
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