Bitcoin SV’s rocket to the moon flies too close to the sun
May 30, 2019
The cryptocurrency market saw a soaring Bitcoin SV [BSV] soaring by triple digits in a day, taking the coin back into the list of the world’s top 10 cryptocurrencies. While the eighth largest coin recorded a sudden surge in its price, at press time, BSV also registered massive fall.
After registering a continuous fall in the market, BSV pumped on May 29, taking it to an ATH of 221.66, according to the Bitfinex Trading View chart. The coin was trading at $237.20, noting a 310% pump over the past nine days. The sudden surge was responsible for the YTD returns of the coin ending its negative streak of -33% and registering a 111% growth in its performance. BSV started out the year being valued at a mere $86.388 and on May 29, was valued at $208.110.
The sudden rise in the coin’s price was surrounded by fake news of Wright pumping the market by transferring 50k BTCs to Binance, which incidentally, was also the first exchange to delist BSV. However, crypto-proponents such as Vitalik Buterin and Dovey Wan were quick to question its credibility, calling it a photoshop stunt.
However, since most major exchanges have de-listed the coin, this pump could be attributed to any large transactions taking place.
At press time, BSV was falling by a massive 13.23% over the past hour. The coin, after breaching its previous ATH, was valued at $237. However, after facing the massive fall, it was valued at $213.45 with a market cap of $3.80 billion. The 24-hour trading volume of $2.16 billion noted a growth of 73.29%. Over the past seven days, BSV spiked by 114.22%. The present fall could be a form of correction.
BSV was highly traded on Upbit exchange with $407 million via BSV/KRW pair. Upbit was followed by OKEx with 298 million in trading volume via BSV/USDT pair. The third place was taken by DigiFinex, with a volume of $192 million via BSV/USDT pair.