Bitcoin SV Joins Top Cryptocurrency Ranks after Climbing 48% in a Week
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The hash war between the Bitcoin ABC and Bitcoin SV camps have officially come to an end. But the one that conceded defeat surprisingly gained more than the one that won.
Bitcoin SV, the brainchild of Dr. Craig Wright backed by CoinGeek mining pool boss Calvin Ayre, surged circa 48 percent in a week. The new BSV ticker added as much as $2.21 billion to its market cap before correcting lower to $1.81 billion on Monday. In contrast, the rest of the top cryptocurrencies were red. Bitcoin ABC, which has gained rights over the Bitcoin Cash’s original ticker BCH, continues to trend lower. Its weekly price action has posted a 23.5% loss. Bitcoin, similarly, has erased $19.73 billion off its market cap, down 23.5% like BCH per weekly performance.
At press time, the BSV/USD pair is trading at 109-fiat on BitFinex, up 28.5% from its Monday’s close at 84.72-fiat.
Interim Bullish Dynamics for BSV
The speculation has got into the Bitcoin SV space already ahead of its minimal launch. Coingeek on Monday released an optimistic roadmap, stating that their chain is the most superior blockchain because it has mined a 64 MB block. The plans include a proposal to increase BSV block size from 64 MB to 512 MB in over the next six months, and later to 2 GB. If BSV can hit the value of $640 soon, miners would be able to generate an income of $8,000 per block.
Bitcoin SV also eyes the launch of one Teranode project that would scale the network up to 1 TB. In an ideal scenario, the solution should be able to process transactions at a speed of 6.5 million operations per second, while reserving mining rewards to $600,000 per unit.
At first glance, the claims look highly exaggerated like any other blockchain project. The BSV team on many occasions have put their actions against their words. While an optimistic post has indeed helped the BSV market add a few hundred million in near-term, its sustainability in the top ten cryptocurrencies would solely depend on adoption by both miners and users – if they can deliver.
Being a fresh market, BSV lacks historical evidence of price actions. The BSV/USD, as of now, is heading north while maintaining its support at the near-term rising trendline. The pair has recently tested 119.40-fiat as interim resistance and is currently undergoing a minor downside correction, forming a bull pennant. There is a likelihood that the pair would continue the uptrend and a breakout target near 140-fiat looks achievable. Nevertheless, to maintain risks, one should put their stop losses only 4-5 dollars below the entry position. That would minimize the overall losses should the bias reverse.
Featured Image from Shutterstock. Charts from TradingView.
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