Bitcoin SV: Altcoin Boasts 10% Gains As Rest Of The Market Falters – Details
August 08 2024 - 4:30PM
NEWSBTC
As the market rebound slows, Bitcoin SV captured some momentum and
gaining some ground against the bears today, August 8. The coin has
been up more than 10% since last month, a huge advantage in the
market’s hostile environment. Related Reading: Aave Protocol
Unfazed By Market Jitters, Surges 21% Bitcoin SV is a hard fork of
Bitcoin Cash which is also a fork of Bitcoin itself. BSV, however,
has traits unique to itself, unlike its close cousins that make it
more attractive to businesses. Solving Real World Problems
With On-Chain Solutions President of the Blockchain
Association Uganda Reginald Tumusiime discussed his organization’s
project, the KitePesa, a stablecoin backed by the Ugandan shilling.
According to him, most of the countries in Subsaharan Africa have
been exploring central bank digital currency (CBDC) projects as a
form of currency. This institutional interest in blockchain tech
and stablecoins are the factors that KitePesa will leverage for
further development. The project has its merits. The Ugandan
people have been switching to digital banking which offers the same
features as traditional banks but with convenience as mobile phones
become more and more prevalent. In 2023, customers of mobile money
providers reached 42.9 million with the figure expected to rise in
the coming decades. KitePesa will leverage institutional
interest to build a reliable blockchain infrastructure that
operates and functions much better than traditional mobile money
networks. With Uganda’s robust regulatory framework regarding
payments and the technologies involved, KitePesa has regulatory
backing to operate in a legal environment. The project will
be launched on the BSV Blockchain, integrating the somewhat local
project into the international market which may invest as they see
potential in KitePesa. Continuation Rally Might Happen At
These Levels BSV could be faced with a breakthrough and is
attempting to settle between $40.29 and $45.30. If the bulls are
successful in taking this position, we might see further upward
movement in the coming days or weeks. However, the market still has
its doubts with the total market cap of the crypto market seeing a
measly 0.2% gain in the past 24 hours as Bitcoin and Ethereum
recover at a snail’s pace. In private equity, indices, futures, and
commodities are experiencing hiccups as the market expects more
volatility ahead and after the release of several macro
indicators. Related Reading: Polkadot Developments Show
Strength, Despite Coin’s 18% Loss This will hamper BSV’s short term
to long-term gain as the coin moves with the broader market. The
current movement is part of the outlying group of cryptocurrencies
that outpaced the whole crypto market. If BSV can stabilize
at the $40.29-$45.30 price range, we might see a continuation rally
in the long term. But this move is still highly dependent on the
broader market’s movement that is currently grinding to a
halt. Investors and traders should still treat BSV with
caution as it can be susceptible to any market swing both upward
and downward. Featured image from Pexels, chart from
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