Bitcoin SV Tallies 10% Gains On Weekly Chart, Nears $40 Mark

While the global crypto market capitalization has plunged in the past week, with most coins trading in the red, Bitcoin SV (BSV) bucked the bears. BSV has scored 10% price gains on the weekly chart. The coin gained 2.47% on the last day, showing a 0.57% price increase in the previous hour. With today’s performance, Bitcoin SV joined the list of top-performing coins over the past timeframe and might be nearing $40.

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 capabilities such as native tokens, smart contracts, and other features to ensure interoperability within its blockchain. However, the token has failed to gain the sort of adoption it envisaged and hit an all-time low on May 8, bottoming at $29.17. But a series of events in the Bitcoin ecosystem has made the controversial token jump into the limelight. 

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Top among these is the congestion on the Bitcoin network caused by Ordinals NFT and BRC-20 tokens. Bitcoin SV supporters believe its high transaction throughput and low transaction fees make it a better blockchain than Bitcoin, and the numbers support it. Currently, the average transaction fee on BSV is about $0.035, while average Bitcoin fees have spiked to $31.50 as more users jump on the BRC-20 token trend. This has led to a debate in the Bitcoin community, with advocates for increasing the block size growing louder. 

This move has been rebuffed by core Bitcoin maximalists who believe that increasing this capacity would lead to greater centralization – As fewer people can run a node that operates using higher bandwidth. This could be Bitcoin SV’s gain as proponents believe it could provide an excellent alternative and fulfil llSatoshi Nakamoto’s dream of a peer-to-peer electronic money system as outlined in the original Bitcoin whitepaper. 

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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 hurdle in the $37-$39 range.  

However, before reaching the $0.60 target, the bulls may encounter an intermediate hurdle in the $0.57 to $0.58 range. The SMA 20 is in the buy zone, which could indicate that investors are looking to accumulate more of the token, which is a bullish sign. In the event of a decline, substantial support is anticipated at $32. 

-Featured Image from iStock, charts from TradingView