Bitcoin SV has been rising seemingly out of nowhere today and is leading the market in gains. The Bitcoin (BTC) knock-off posted 95% gains today and now boasts a market capitalization of $5.5 billion. Many believe that something is amiss since the gains are simply extraordinary.
BSV briefly touched a $334 before falling to $311 today. Yesterday, it was trading for under $170. It’s now the fifth-largest cryptocurrency by market capitalization but briefly managed to be fourth-largest and surpass Bitcoin Cash at the height of its rally. BSV still has significant momentum, however, and could eclipse BCH yet again to become the largest Bitcoin fork.
The cryptocurrency was founded by Craig Wright, who claims to be Satoshi Nakamoto but has been subject to persistent skepticism from the cryptocurrency industry at large. Wright threatened to mass sue any critics who disputed his claims of being Satoshi last year, which led to widespread outrage. The ongoing feuds became so serious that Binance even delisted BSV in April, as BeInCrypto reported then.
There is currently no clear catalyst for why BSV is rising other than the halving event, which is set to occur much later this year. However, the cryptocurrency recently saw a push upwards after some legal news regarding Wright, as BeInCrypto has previously reported.
Bitcoin forks continue to dominate the cryptocurrency market. Bitcoin SV and Bitcoin Cash together now have a market capitalization of over $11B, which may look odd to any newcomer to the cryptocurrency space. It’s hard to see how regular financial analysts can take the market seriously when Bitcoin forks make up such a sizeable portion of the market despite bringing nothing new to the table.
Bitcoin SV’s goal is to ultimately overtake Bitcoin proper someday. However, believing that will happen requires some senseless imagination—just like believing Craig Wright is actually Satoshi. All in all, it seems clear that the BSV drama isn’t going away anytime soon.