Bitcoin SV Tallies 10% Gains On Weekly Chart, Nears $40 Mark
May 14 2023 - 09:50AM
NEWSBTC
While the global crypto market capitalization has plunged in the
past week, with most coins trading in the red, Bitcoin SV (BSV)
bucked the bears. BSV has scored 10% price gains on the weekly
chart. The coin gained 2.47% on the last day, showing a 0.57% price
increase in the previous hour. With today’s performance, Bitcoin SV
joined the list of top-performing coins over the past timeframe and
might be nearing $40. Bitcoin SV Back In The Spotlight Bitcoin SV
was created in 2018 due to a hard fork from Bitcoin Cash led by the
controversial Craig Wright. The idea was to create a blockchain
that could process transactions faster with a larger block size
limit, a major bottleneck for Bitcoin Cash and Bitcoin. In
addition, BSV has incorporated Ethereum-like capabilities such as
native tokens, smart contracts, and other features to ensure
interoperability within its blockchain. However, the token has
failed to gain the sort of adoption it envisaged and hit an
all-time low on May 8, bottoming at $29.17. But a series of events
in the Bitcoin ecosystem has made the controversial token jump into
the limelight. Related Reading: Coinbase Engages Legal And
Political Aids In Battling SEC Top among these is the congestion on
the Bitcoin network caused by Ordinals NFT and BRC-20 tokens.
Bitcoin SV supporters believe its high transaction throughput and
low transaction fees make it a better blockchain than Bitcoin, and
the numbers support it. Currently, the average transaction fee on
BSV is about $0.035, while average Bitcoin fees have spiked to
$31.50 as more users jump on the BRC-20 token trend. This has led
to a debate in the Bitcoin community, with advocates for increasing
the block size growing louder. This move has been rebuffed by
core Bitcoin maximalists who believe that increasing this capacity
would lead to greater centralization – As fewer people can run a
node that operates using higher bandwidth. This could be Bitcoin
SV’s gain as proponents believe it could provide an excellent
alternative and fulfil llSatoshi Nakamoto’s dream of a peer-to-peer
electronic money system as outlined in the original Bitcoin
whitepaper. Related Reading: Ripple CTO Labels BEN Coin As
Scam, Bitboy Reacts Bitcoin SV Price Analysis At the time of
writing, Bitcoin SV is trading at $35.98, and if the bullish
momentum continues, BSV could target $40 in the coming days.
However, before reaching the $40 target, Bitcoin SV bulls may
encounter an intermediate hurdle in the $37-$39 range.
However, before reaching the $0.60 target, the bulls may encounter
an intermediate hurdle in the $0.57 to $0.58 range. The SMA 20 is
in the buy zone, which could indicate that investors are looking to
accumulate more of the token, which is a bullish sign. In the event
of a decline, substantial support is anticipated at $32.
-Featured Image from iStock, charts from TradingView
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