Bitcoin SV (COIN: $BSV), also called Bitcoin Satoshi’s Version, is a proof-of-work blockchain created via a fork of Bitcoin Cash (BCH).
History of Bitcoin SV
BSV traces its origin to Bitcoin Cash (BCH), which is a fork of Bitcoin. After the fork, a section of the Bitcoin community migrated to BCH. In 2018, disagreements in the BCH community led to another fork, and that is how BSV came to exist. The BSV community claims to represent the original vision of Satoshi Nakamoto more closely. However, Nakamoto has yet to make any public communications since 2011.
Unique Features of Bitcoin SV
The defining feature of the BSV blockchain is that it is smart contract capable. Additionally, it is a highly scalable network. To achieve this, BSV utilizes larger blocks than Bitcoin, much larger than BCH blocks. BSV has no limit on block size, with some blocks being larger than 2GB. For reference, the Bitcoin block size has historically been at around 1MB.
Current Market Performance
In general, the crypto market has regained momentum in recent days. Most of the top crypto coins have risen for the past three days. Bitcoin recently broke past the $28,000 resistance level and is now trading at $28,254.56 as of October 17, 2023. The new price of BTC might sign a major price movement in the coming days.
Bitcoin SV Price Performance
$BSV has been trading sideways recently, as the price has consolidated in $30.65-$32.53 since the start of September 2023. Since the start of October, the price of $BSV has been on an upward trend that saw the coin surge from $32 to $43.47. However, it has lost some of those gains and is currently trading at $39.12 as of October 17, 2023.
Why the $BSV Price Surged
One possible reason for the price surge is the SEC’s approval of the iShares spot ETF. While the report of the ETF approval turned out to be false, $BSV has managed to retain its gains. BSV is currently testing the resistance level of $40, whose outcome remains uncertain.
$BSV Token Details
BSV tokens are the native currency of the Bitcoin SV blockchain. There is a maximum supply of 21,000,000 BSV with a circulating supply of 19,266,077 BSV. As of October 17, 2023, the price of $BSV is $39.12, with a 24-hour trading volume of $201,094,166. Most of the volume is on Upbit, which accounts for over $130 million. They achieved their all-time high of $491.64 on April 16, 2021. The current price is a 91.94% discount on the ATH price.
BSV Price Forecast
The bulls are currently winning, and if they manage to push the resistance level of $40, the price momentum could be enough to test the upper resistance of $41.50. If it breaks out of that zone, it could test the critical resistance level of $43.47 before the end of October.
However, if the bears win, the trend reversal will occur, and BSV could soon test the support level of $36.16. If there is sudden whale activity or a short selling spree, the price could drop back to the lower support level of $30.65.
BSV Is a Good Option
While $BSV lags in market cap and trading volume to BCH, it has proven to be a good coin to hold long-term. It has a loyal community and great use cases developed by its developer team. As an alternative to Bitcoin, it offers better scalability and utility due to its smart contract capabilities.
Click Here for Updates on Bitcoin SV – It’s 100% FREE to Sign Up for our Email Newsletter!
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.