Bitcoin SV (BSV) Price Pushes Above $200 Again Amidst Controversial Volatility
The overnight growth of BSV once again sparked speculations of a concerted effort to boost the price.
Bitcoin SV (BSV) pushed off from recent lows, rising above $200 in a significant price push in the early hours on Monday. BSV peaked around $227 before sliding back toward the $112 range.
The period of increased volatility for BSV coincided with the attempts of Dr. Craig Wright to present himself as Satoshi Nakamoto. However, Wright relies on legalities to push that identity and has so far failed to provide real cryptographic evidence he controls the coins belonging to Satoshi Nakamoto.
There are opposing camps surrounding the BSV asset. Some see the coin and the network as fundamentally strong, while others believe the network has little merit. The Bitcoin SV hashrate is roughly equal to that of Bitcoin Cash (BCH), one of its rival blockchains. Still, the claim is that Bitcoin SV is the de facto Bitcoin, while the leading coin, currently priced above $8,800, is a practically defunct network.
Some traders see BSV as capable of continuing its price climb above $1,000. Others see the recent rally, which quadrupled the BSV price in weeks, as a one-off event:
In the past, Bitcoin Cash (BCH) has gone through similar price spikes, going above $2,000 in a one-off pump. Later, BCH peaked at $3,500 after its Coinbase listing but went on to crash under $200 at the end of the bear market.
The current BSV rally is concentrated on Asian exchanges, with price movements usually happening during Asian trading hours. BSV has a significant component of Korean won trading, in addition to Tether (USDT) inflows, allowing the asset to attempt a climb against BTC.
Skeptics also note that BSV mining may be centralized, relying on a handful of mining pools that could, in effect, control the consensus:
In the case of Bitcoin SV, this may be seen as a feature, due to the drive for known, trusted miners to have increased influence on the consensus. This type of dominance is problematic, as it was seen a few days ago on the Bitcoin Cash network. Due to a break of consensus, the leading miners rolled back blocks, to achieve a specific state after a new network forked by mistake.