Bitcoin SV price has surpassed Binance Coin, how long will BSV maintain this momentum?
Bitcoin SV price had sharp increases in January 2020, recording profits of more than 50% per week. For cases of sudden price increases, the cryptocurrency community will often assume that the project is in the sights of the pumpers – blowing prices in the market. However, the rise of BSV was more rationally explained after the meaningful statements of team members. It looks like they promise something big for the Bitcoin SV network.
Bitcoin SV price is on track to prove itself
Not too long ago, the person who proposed the idea of Bitcoin SV, Calvin Ayre, implied that the BSV network was about to have something “significant.”
True value follows utility. Big BSV news coming soon.
— Calvin Ayre (@CalvinAyre) January 11, 2020
This has caused the FOMO situation in the market, leading to BSV prices being continuously “pumped” sometimes up to over 30% in just a few days. As a result, Bitcoin SV flipped Binance Coin, taking seventh place on the CoinMarketCap chart.
This breakthrough by BSV accidentally “poured oil” into the heated dispute between BSV fans and Binance, especially after the Binance announced delisting of BSV last year in a movement against Craig Wright.
Specifically, before officially deciding to “quit playing” with Bitcoin SV, Binance CEO – Changpeng Zhao – warned Wright to change his behavior soon, not to identify himself as the anonymous father of Bitcoin too deliberately.
Craig Wright is not Satoshi.
Anymore of this sh!t, we delist! https://t.co/hrnt3fDACq
— CZ Binance (@cz_binance) April 12, 2019
At the press time, BSV prices are hovering around $ 168, the trading volume of $ 1,082 billion – there is room for growth if FOMO continues to blow. In the process of “pumping prices,” the project continues to make a statement that Craig Wright is the true inventor of Bitcoin (BTC). Also, Bitcoin SV has quickly surpassed EOS. Currently, it seems that BSV is more stable than BNB, with a 3% increase in the last 24 hours.
How ironic. 😆 Bitcoin SV overtakes the coin (Binance Coin #BNB) of the exchange (Binance) that initiated its delisting in many other exchanges months ago. I’m sure @cz_binance is reminded of that move looking at this today. #BSV #Bitcoin pic.twitter.com/Vl26Wa9rBo
— Marquez Comelab (@Marquez_Comelab) January 10, 2020
Elsewhere, the number of Bitcoin SV transactions has doubled compared to Bitcoin in the past few months. However, in general, a large number of transactions does not guarantee the actual adoption trend because we can use some tools and easily fake them.
btc & eth have had such a monopoly on transactions, mostly due to being the common denominator in crypto-crap currency pairs, its actually ODD seeing #BSV‘s #1 utility being trading today. As BitCoin (SV) rises in prominence, the dichotomy in transactions should prove large. pic.twitter.com/IbL1Tz2UL8
— John Pitts (@EquityDiamonds) January 13, 2020
So, how long will Bitcoin SV price maintain this momentum?
This is a practical, questionless question for Bitcoin SV. Currently, the BSV network still has some restrictions that could have a substantial impact on the price of this token throughout the year. The first is the ongoing lawsuit against Craig Wright.
So far, the latest court ruling has stated that judges will set a deadline for Wright until February 3, 2020. This is the deadline for him to complete his “bonded courier” transaction to provide the private key to access the Bitcoin that Wright mentioned. If this private key does not come, the lawsuit could inadvertently cause a dangerous fork of the Bitcoin SV network. Especially when Craig Wright once boldly declared him to be Satoshi Nakamoto. And when it is lost, it means that Wright is not Satoshi Nakamoto, but a liar no more. And this can harm the Bitcoin SV network in general and BSV prices in particular.
BCash & SV miners have made <$300 of combined fees over the past 24 hours. After their halvings, new issuance will be cut from a combined $600K to $300K.
Miners are already “irrationally” mining these chains at a loss (h/t @BinanceResearch).
Both halvings will occur before $BTC
— Ceteris Paribus (@ceterispar1bus) January 9, 2020
Another problem Bitcoin SV faces is the upcoming Halving event.
As noted by industry experts, BSV mining companies are currently operating below breakeven. When the Halving event takes place, the miner’s block reward will be cut in half. This will make joining the network more difficult. Moreover, halving also increases the concentration of miners as small miners start to leave the network due to insufficient funds. Also, there will be fewer mining tools, which will adversely affect the security situation of the network.
- Why Bitcoin SV Pumps By More Than 45%?
- Bitcoin SV And Bitcoin Cash Mining Process Is Proving To Be Far From Profitable