Bitcoin SV network is growing steadily, meanwhile, its price sits on top of a significant support barrier
On-chain metrics reveal that the Bitcoin SV network is growing steadily. Meanwhile, its price sits on top of a significant support barrier.
Development on Bitcoin SV becomes magnitudes easier to Operate
It’s no secret that as far as blockchains go, none can allow real-world development like what is found with Bitcoin SV (BSV). Even before the Genesis upgrade, which removed block size limits and allowed for endless scaling potential, developers were hard at work, creating solutions on BSV that could be adopted by businesses around the world. This level of creation continues at a feverish pace, and one of the most recent tools to be added to the arsenal is Operate.
The operation was introduced in November last year after Russell was satisfied with the long-term work he put into the system. It allows standard functions on the BSV blockchain, which all developers can then use to create their programs. Put simply, this is the software layer on top of Bitcoin and provides a set of adaptable protocols that make blockchain application creation homogeneous and significantly reduce the time and effort needed to launch new blockchain solutions.
For those who have been here for a while, moving from Windows 3.1 to Windows 95, at the time, was a big step forward for computer software. Similarly, Operate is providing a mechanism to take blockchain development to a new level and allow accessible new APIs, SDKs, and other, new development tools to be introduced easily, building on the previous solutions that have already been implemented. It establishes set-on-chain functions that would enable simple transaction development of any kind in the future.
As a result, Operate is likely to lead to further growth on the Bitcoin blockchain, with developers having an implementation that could lead to the creation of new solutions and a range of real-world applications directly on the blockchain. It could also lead to new use cases, which in turn will lead to newer approaches to Bitcoin development.
Russell has spent most of his time recently introducing the activity and has spent countless hours making trips to various BSV events to highlight its capabilities. Through this, he has become more impressed with the people and products found in the BSV community, which is energizing him to refine operations further. One feature that he hopes will soon be included in the deployment of a work scenario, which, as any developer knows, is a huge time saver. Because of people like Russell and other software experts, the BSV blockchain has become the only chain built for use by businesses and businesses in real-life situations.
Overcoming market challenges
Bitcoin SV has been the focus of controversy since it forked off Bitcoin Cash in mid-November 2018. Although Craig Wright and Calvin Ayre were able to bring in a significant number of businesses and developers to the BSV ecosystem, the token has rarely been profitable to mine.
BSV miners accumulated a total of $ 2.2 million for electricity alone last year, according to BitMEX research. These losses are even greater once hardware depreciation, general costs, and labor are taken into account.
Source: BitMEX Research
Besides, many cryptocurrency exchanges around the world like Binance have delisted Bitcoin SV from their list of traded cryptocurrencies. And, other leading trading platforms including Coinbase have declined to support this cryptocurrency.
Despite the polemic surrounding Bitcoin SV, it has managed to keep a year-to-date return of nearly 170 percent, and data from IntoTheBlock reveals that its network has been quite active lately.
Bitcoin SV network is growing
The machine learning and statistical modeling firm reported that six cryptocurrencies in terms of the market cap had experienced a spike in the number of transactions and volume in its network over the past week.
Bitcoin SV averaged a total of 550,430 on-chain transactions per day. Approximately 4.42 million transactions were made in the last seven days. The on-chain volume transferred within this period was equivalent to $810 million.
Number of BSV Transactions | Source: IntoTheBlock
Roughly 55.45 percent of those transactions took place in the eastern hemisphere. IntoTheBlock pointed out that this is where adoption for BSV seems to be faster based on its East-West statistical model.
BSV’s East vs. West | Source: IntoTheBlock
The increasing network activity that Bitcoin SV has experienced over the last few days suggests that it could be preparing for a significant price movement.
IntoTheBlock’s “In/Out of the Money Around Current Price” model estimates that Bitcoin SV is sitting on top of a significant supply barrier. Fifty-seven thousand addresses bought over 761,000 BSV between $161 and $171, which is providing substantial support.
BSV’s In/Out of the Money Around Current Price | Source: IntoTheBlock
Conversely, 15,550 addresses are holding 262,000 BSV at an average price of $173.36. This cluster of holders can be considered as a weak resistance zone in the event of a further price appreciation.
An uncertain future
While it is unclear what the future may hold for Bitcoin SV during the ongoing global pandemic, the team behind it continues making strides towards facilitating micropayment transactions as Lead Digital Strategist at Fundstrat, David Grider, said:
“It’s still early days for cryptocurrency technology, and there is little certainty around what the winning implementation will be. The BSV community is taking steps to position BSV as a scalable and robust platform with a focus on growing network adoption.”
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