Wednesday, April 24, 2024

Bitcoin SV’s Thunders Past $350, Unprecedented 100% Surge

The cryptocurrency world has many marvels and followers of crypto will know that Bitcoin SV is one such astonishing currency. Bitcoin Satoshi Vision, was formed out of a fork in Bitcoin Cash. Bitcoin Cash, which has been around for a while now, recently split into Bitcoin ABC and Bitcoin SV, due to a disagreement in development updates. This meant that anyone lucky enough to hold Bitcoin Cash at the time of the split became the proud owners of two new cryptocurrencies, for free.

Interestingly, Bitcoin ABC garnered more support, and readopted the name Bitcoin Cash, while Bitcoin SV remained a much smaller niche currency. This split has not been publicized as much as it should have, until recently, when on the 13th and 14th January, Bitcoin SV’s price shot up to a stunning $350 with no prior warning. This was done by beating a point called the key resistance, which was $175, after which there really was no stopping it. The key resistance point is usually a cap or glass ceiling that a cryptocurrency has been struggling to get past for a while, but due to the unpredictable nature of the cryptocurrency exchange, has been unable to. Once this point has been surpassed, currencies tend to shoot up in price must faster and for a longer period of time. This recently happened with Bitcoin as well, as it crossed the glass ceiling of $8000.

But what speculators really want to know are the reasons behind this unprecedented surge. Although the market itself is unpredictable, trade experts are also pointing towards a mysterious post by Bitcoin SV’s most prominent figure, Calvin Ayre. Check out the tweet below, and make of it what you will.

Bitcoin SV’s Thunders Past $350, Unprecedented 100% Surge
Bitcoin SV’s Thunders Past $350, Unprecedented 100% Surge

Chances are that this message got investors unduly excited, and speculating something big, without any other kind of proof, caused a lot of people to buy Bitcoin SV at once, causing the price hike.

Around this time, also, Bitcoin SV overtook Binance Coin, to become the fifth most capitalized blockchain in the world as well as the eighth most valuable one. With so many blockchain networks around now, that is truly a huge achievement for a relatively minor cryptocurrency in such a short amount of time.

Must Read: Bitcoin Halving 2020: Boom or Bust?

It’s also interesting how Binance Coin had once rallied for the delisting of Bitcoin SV from all the major cryptocurrency exchanges in the world, and now is being overtaken by it. A truly sweet karmic moment, according to us.

What effect will Bitcoin SV’s surge have on Bitcoin and other altcoins?

According to trade experts, Bitcoin will be affected by this only in the short-term, when investors may find Bitcoin SV more lucrative and affordable to invest in. However, since Bitcoin has its own massive milestone approaching in May this year, in the form of its third halving, it is unlikely that it will lose the spotlight for very long. When the pioneer of cryptocurrency goes through something as momentous as a halving, it is but natural that all eyes will be on it.

Must Read: Watch out Bitcoin: 5 altcoins which top Bitcoin in 2020

When it comes to other altcoins though, especially the smaller ones like Litecoin, Ethereum, Bitcoin SV or Electroneum is likely to set a good precedent, by proving that it is indeed possible to break the key resistance point. This may have a very favourable effect on investors, who may invest prematurely in smaller cryptocurrencies, anticipating such a surge for them too soon.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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