Bitcoin SV (BSV) was among the top winners this week as a macro-bullish move kicked off all of the leading Bitcoin rivals.
The fifth largest cryptocurrency by market cap rose 14.88 percent since opening on Wednesday, hitting a weekly high of $ 311.27. The move up came after days of choppy price action, which in turn followed a huge pump-and-dump action after mid-January, as shown in the chart below.
BSV / USD price looks choppy at best Source: TradingView.com, Coinbase
Think of Bitcoin SV Volume
The wild moves in the BSV / USD trading market came despite the lack of large volumes. In retrospect, fewer BSV dealers changed hands on the active spot markets. They were visibly lower compared to Bitcoin SV’s competing cryptocurrencies. However, the standard deviation, which measures volatility, rose sharply on all exchanges.
The huge difference between Bitcoin SV’s volatility and volume caused experts to question the credibility of its recent gains. Additionally, during his interview with Block TV himself, Bitcoin SV founder Craig Wright admitted that he knew who pumped the BSV price in January.
The sum of all the evidence showed that fewer players have been participating in BSV trading lately. Increasing centralization alone indicates an imminent drop in prices.
Mouthpiece defends rally
Against the allegations, the Bitcoin SV spokesperson CoinGeek said that their cryptocurrency emerged as the winner primarily due to its “groundbreaking technology and the rapidly growing ecosystem”. The publication also referred to the exchange in which BSV was delisted last year due to an unfair coordinated attack on the cryptocurrency. Excerpts:
“Bitcoin SV’s recent surge in market capitalization shows that Bitcoin continues to lead the market. With that in mind, it is clear that delisting Bitcoin SV will only hurt the exchanges as there are several investors, miners and companies that continue to work for and with Bitcoin SV around the world. “
However, eToro’s Simon Peters believes the BSV price rally is unsustainable. The research analyst stated in an interview with CoinDesk that traders are buying BSV because they believe that the founder, Mr. Wright, is the true creator of the original Bitcoin protocol. But if he doesn’t prove the claim over and over again, her patience wears off.
CoinGeek, on the other hand, describes Mr. Wright as the real Satoshi Nakamoto who owns 1.1 million BTC. Speculators, meanwhile, believe that Mr. Wright would dump all of the bitcoin to pump BSV.