Bitcoin SV’s
Despite Bitcoin SV’s recent rally in market value where it saw growths of near 80% and trades at an all-time high of $441, the prices of Bitcoin SV are starting to fall. Bitcoin SV had also increased its market capitalization largely due to this price surge and surpassed Litecoin, EOS and even it’s parent Bitcoin fork, Bitcoin Cash to become the fourth-largest cryptocurrency. But it lost this position, falling 12.2% during the late trading hours as Bitcoin Cash overtook again with a higher market cap.
This unprecedented price spike in BSV is also speculated to be a reason for the hike in the prices of other altcoins experiencing rises too. BSV price potential began to decline below the $400 mark a few hours after its $441 peak. Although the market tried to reverse the trend, the downward spiral continued and BSV crossed the $350 dollar mark around 5 PM UTC and went on a downward trend, even going back down below the $300 mark around 9 PM UTC, and trading at a low of $287. Although this didn’t last for more than a few hours as BSV built back up towards the end of the day, the prices climbed back over $300. Bitcoin SV is currently being traded at $320 as of 16 January 2:40 PM UTC.
This trend does not hold true to just BSV alone as all the largest cryptocurrencies faced a similar stunt in growth as Bitcoin fell 0.66%, Litecoin and EOS went down 3.11% and 2.93% respectively too. Bitcoin Cash is also seen to be down 3.5%.
This bullish market trend has not been looked upon well by market analysts saying such swift growth is not good for the continued healthy growth of the market. Short-term gains can be easily achieved from jumping on this price rally bandwagon but in the long term, this does not bode well for the growth of BSV.
The sudden surges in price are attributed to be due to the developments in the Craig Wright – Ira Kleiman case as Craig Wright claimed that he now has the keys to the “Tulip Trust” which purportedly contains the earliest bitcoin ever mined by anonymous Bitcoin creator, Satoshi Nakamoto.