Bitcoin SV makes 10% gain on weekly chart, approaches $40 mark
Bitcoin SV makes 10% gain on weekly chart, approaches $40 mark
While the global crypto market capitalization has plunged over the past week, with most coins trading in the red, Bitcoin SV (BSV) has been receiving the bears. BSV has achieved 10% price gains on the weekly chart. The coin rose 2.47% in the last day, showing a price increase of 0.57% in the previous hour. With today’s performance, Bitcoin SV joined the list of the best coins in the recent time frame and may approach $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 features such as native tokens, smart contracts and other features to ensure interoperability in the blockchain. However, the token has failed to gain the kind of adoption it envisioned and hit an all-time low on May 8, bottoming out at $29.17. But a series of events in the Bitcoin ecosystem have caused the controversial token to jump into the limelight.
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Chief among these is the congestion on the Bitcoin network caused by Ordinal’s NFT and BRC-20 tokens. Bitcoin SV proponents believe 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 average Bitcoin fees have increased to $31.50 as more users jump on the BRC-20 token trend. This has led to a debate in the Bitcoin community, where advocates for increasing the block size have become louder.
This move has been rejected by core Bitcoin maximalists who believe that increasing this capacity will lead to greater centralization – as fewer people can run a node operating at higher bandwidth. This could be Bitcoin SV’s win as proponents believe it could provide an excellent alternative and fulfill llSatoshi Nakamoto’s dream of a peer-to-peer electronic money system as outlined in the original Bitcoin Whitepaper.
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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 target $40 in the coming days. However, before reaching the $40 target, Bitcoin SV bulls may encounter an intermediate obstacle in the $37-$39 range.
However, before reaching the $0.60 target, the bulls may face an intermediate hurdle in the $0.57 to $0.58 range. The SMA 20 is in the buy zone, which may indicate that investors want to accumulate more of the token, which is a bullish sign. In the event of a decline, significant support at $32 is expected.
-Featured image from iStock, charts from TradingView
