Bitcoin (SV) has surprised many in the cryptocurrency industry after it surged more than 20% in less than 24 hours. Besides, the interesting fact is that the asset has flipped Bitcoin (BCH) to claim the 5th position in the market. Bitcoin Cash, on the other hand, has retreated further and now sits in the 7th position in the market.
It has been a wild rollercoaster ride in the cryptocurrency market on Friday 7 during the Asian trading hours. Bitcoin price is exploring new 2018 lows after sliding below the support at $3,500. The largest cryptocurrency by market capitalization is drowning in the sea of red with declines currently at 2.5% on the day, live data on Blockmodo. Ripple’s XRP has dropped below $0.3 to be trading at $0.299 at the time of writing. Ethereum (ETH), on the other hand, is trading at $84 after it butchered its way through the support at $100. The above mentioned Bitcoin Cash is trading at $102 after correcting lower 2.16% on a daily basis.
Contrary to the general bear trend in the entire crypto market, Bitcoin SV defied the selloff showing prowess in adding more than 20% gains. The asset was able to catapult itself into the top five coins by market capitalization without much effort.
Bitcoin SV continues to gain traction in the market in spite the fact that it got off on a wrong foot following the hashing war with Bitcoin ABC (BCH). Many people are not familiar with BSV, however, it is evident that the asset is making a name for itself in the industry. While the hash war is far from over, Bitcoin SV has embarked on a journey of breaking barriers to the upside as most cryptos explore how deep the rabbit hole goes.
The status quo in the market shows that investors are gaining confidence in Bitcoin SV. Craig Wright, the project leader says that the BSV protocol is miner-friendly and has even called upon Bitcoin miners to jump ship. However, as published earlier on Crypto Recorder; Bitcoin mining is still a lot more profitable than Bitcoin SV mining. Bitcoin Exchange Guide gives an insight into Bitcoin SV stating:
“Bitcoin SV, or “Satoshi Vision”, embraces the cash-like nature of bitcoin. Led by Calvin Ayre and Craig Wright, Bitcoin SV is designed to facilitate fast, cheap, peer-to-peer money transfers. Bitcoin SV supporters claim to be supporting the “true” version of bitcoin according to Satoshi Nakamoto’s original vision for a peer-to-peer electronic form of money.”
It is vital to note that Bitcoin Cash was created in the same “Satoshi Vision” but the positive vibe surrounding Bitcoin SV is negatively affecting Bitcoin Cash which has been on a downward spiral since the year started. This is mainly fueled by the adverse press about Bitcoin Cash alongside Bitmain following a lawsuit that claims Roger Ver hijacked Bitcoin Cash. The lawsuit was filed by UnitedCorp or otherwise known as United American Corporation. As usual Craig Wright took to Twitter and shared with his followers the plans he and his partner Calvin Ayre have for Bitcoin SV and the crypto industry:
“In 2019 we will start to teach people how to build real SPV systems. No fraud proofs, secure, instant. It was hinted at in the whitepaper, but nobody has managed to get it. So, I will do it for you. I had hoped others would [have] understood and run with this but…”
Investors are taking their positions as sentiments change positively towards Bitcoin SV. The market is in the red but BSV offers a ray of hope. Investor confidence is also rising as more and more people try to understand Craig Wright’s decision to split the Bitcoin Cash protocol. The bullish trend is likely to extend into the weekend trading sessions.