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While the capitalization of the global cryptocurrency market has plummeted in the last week and most coins are trading in the red, Bitcoin SV (BSV) has stood up to the bears. BSV showed a price increase of 10% on the weekly chart. The coin has added 2.47% over the last day, showing a price increase of 0.57% over the previous hour. Thanks to today’s performance, Bitcoin SV has joined the list of the best performing coins over the past period and may be approaching $40.
Bitcoin SV is back in the spotlight
Bitcoin SV was created in 2018 as a result of a hard fork of Bitcoin Cash led by the controversial Craig Wright. The idea was to create a blockchain that could process transactions faster with a large block size limit, which is the main bottleneck for Bitcoin Cash and Bitcoin.
In addition, BSV has implemented Ethereum-like capabilities such as native tokens, smart contracts, and other features to ensure interoperability across its blockchain. However, the token did not receive the expected proliferation and hit an all-time low on May 8, bottoming out at $29.17. But a series of events in the Bitcoin ecosystem has brought the controversial token into the spotlight.
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Chief among them is the congestion on the Bitcoin network caused by the Ordinals NFT and BRC-20 tokens. Proponents of Bitcoin SV believe that its high transaction throughput and low transaction fees make it a better blockchain than Bitcoin, and the numbers back it up. Currently, the average transaction fee on BSV is around $0.035, while the average bitcoin fee has jumped to $31.50 as more users switch to the BRC-20 token trend. This sparked a debate in the Bitcoin community, and the supporters of the block size increase became more vocal.
The move has been rejected by mainstream Bitcoin maximalists, who believe that increasing this capacity will lead to more centralization – as fewer people can run a node that runs at higher bandwidth. This could be an advantage to Bitcoin SV as proponents believe it could be a great alternative and make Satoshi Nakamoto’s dream of a peer-to-peer electronic money system outlined in the original Bitcoin white paper come true.
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Bitcoin SV Price Analysis
At the time of writing, Bitcoin SV is trading at $35.98 and if the bullish momentum continues, BSV could hit $40 in the coming days. However, before hitting the $40 target, Bitcoin SV bulls could hit an intermediate hurdle in the $37-$39 range.
BSV experienced bullish price swings this week: source @Tradingview
However, before reaching the $0.60 target, the bulls may encounter an intermediate hurdle in the $0.57 to $0.58 range. SMA 20 is in the buy zone, which may indicate that investors are looking to accumulate more of the token, which is a bullish sign. In the event of a decline, significant support is expected at $32.
– Featured image from iStock, charts from TradingView