Bitcoin SV Under Pressure Despite Growing Support Base
Bitcoin SV was the worst-performing cryptocurrency in the top-ten on Thursday. The coin that previously demonstrated inverse price action with the rest of its peers now finds itself struggling to regain momentum despite signs of early adoption across the market.
Over the last 24 hours, the BSV price has fallen an average of 5.4% to reach $86.02, according to CoinMarketCap. The cryptocurrency market as a whole is down 1.4% over the same stretch.
In percentage terms, BSV’s downtrend is commensurate with the broader market over the past seven days, but details of the underlying price action reveal a divergence with its peers. Case in point: BSV saw highs of around $110 last Friday – a session where bitcoin and other cryptocurrencies registered new lows for the year. Losses over the next few days were much more contained relative to the broader market. It was only until Tuesday that the downtrend in BSV intensified, eventually breaking below the $90 handle toward the present lows.
Trading in SV reached $45.2 million on virtual currency exchanges, down from a high of $305 million last Friday. Binance and BitMart were the largest exchanges for BCHSV trades.
For all the controversy surrounding its release, BSV has emerged as the eighth largest cryptocurrency by market cap with a total value of $1.5 billion. Bitcoin SV has seen its ranking fluctuate over the past two weeks but maintains a strong grip on the top-ten. Bitcoin cash (BCH), which houses the ABC protocol, is ranked seventh at $1.7 billion. BCH has fallen three spots during the latest bear market.
Although the bitcoin cash hard fork divided the cryptocurrency community, more venues have extended support to the competing chain. Earlier this week, Circle’s Invest App enabled users to purchase BSV directly on their mobile devices, a move that could serve as a bellwether for future adoption. That being said, the success of SV on this platform is largely tied to adoption of Circle Invest in general. The app currently has only 50,000 downloads on Google Play compared with over 5 million for Coinbase. The latter has yet to offer support for BSV.
The Malta-based Raisex exchange has also announced full support for bitcoin SV trading this week. Guarda wallet, which allows users to store cryptocurrencies, has also enabled storage of BSV on its desktop and mobile platforms.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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