Bitcoin SV (BSV) Still Rallies Out of Nowhere Despite Bitcoin (BTC) Slide
It seems BSV has chosen the time for a pump just as BTC threatens to move to new lows.
Bitcoin SV (BSV) strangely rallied on Friday, recovering the $109 levels, despite the Bitcoin (BTC) crash. The reason for the recent rallies are unclear, although it may be a concerted effort on part of the community.
The Bitcoin SV community has also seen the promise of Dr. Craig Wright to destroy BTC at the end of 2020, by finding a way to dump enough coins. But BSV is still quite far from “flippening” BTC. The move also vaguely recalls the attempt of Bitcoin Cash (BCH) supporters to boost the market price. But even the rage-quit of Roger Ver failed to crash the BTC market price.
BSV jumped to $116.82, on a rising trend this Friday, adding more than 16% in the past day. The rest of the market remained stagnant, and BTC traded at 7,504.09.
Curiously, the BSV rally happened around Dr. Wright’s birthday, having several successful days. Dr. Wright went on to present the case for BSV as an enhanced payment system.
The Bitcoin SV hashrate also picked up in October, from around 800 PH/s to 1.3 EH/s, a growth of more than 50%. Still, the BSV hashrate depends mostly on loyal miners, and is still much lower in comparison to the peak levels on the Bitcoin network. The Bitcoin Cash hashrate is about two times higher, at 2.6 EH/s.
The current BSV price climb happens almost exclusively in the BSV/BTC pairing. The BSV asset does not receive significant inflows from Tether (USDT), as it was delisted from Binance. BSV moved from 0.01 BTC up to 0.013 BTC in a recent climbing trend, though still far from peak valuations above 0.035 BTC.
BSV relies on exchanges like CoinBene and CoinEx, as well as a handful of smaller exchanges, though with thin trading on OKEx and Huobi. The daily volumes of around $642 million’s equivalent allow for “whales” to perform a noticeable pump.
Bitcoin SV still has a vocal community, though the wider crypto-related social media often express disapproval of the project.