Bitcoin SV’s latest run is at a never ending bullish momentum as it broke the $200 USD barrier with a keen look towards setting all-time highs in the coming days. After a quiet rise from intraday lows of $95.50 USD on Jan. 1, recording over 100% gains in 2020, the cryptocurrency world cannot endure the silence any more as the Bitcoin spinoff soared to the 6th position by market cap. In all the market anomalies experienced in BSV’s rise, BCH enthusiasts are on the edge as a flipping is on the verge of occurrence.
BSV soars over $200 USD as ATH firmly in sight
Very few (if at all any) crypto analysts predicted such a rise for a token heavily proclaimed by Bitcoin maximalists as “fake Bitcoin”. However, against all odds, the price of BSV currently stands at $204.32 USD as at time of writing representing a sharp 115% increase over the past fortnight – placing it as the best performing top altcoin in 2020 so far.
The spike sets the altcoin only 19.4% off its all-time high of $253 USD, recorded on Jun 22 last year during the massive BTC bull run to $13,800 USD. The price is moving in tandem with the 20-day upper Bollinger Band with the relative strength index (RSI) on the higher timeframes oscillating wildly in the overbought levels with a bullish trajectory.
The BSV supporters however do not want to stop at beating its ATH as the current spike gives hope of a push towards flipping BCH, to become the largest fork of Bitcoin.
— 1jack 🌱 (@liujackc) January 14, 2020
Currently at $5.16 billion USD in market cap, BCH stands only behind the three major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Ripple. BSV has a total of $3.6 billion USD in market cap and ifthe current trend persists, it will be only a matter of time before the two blockchains face a cross over.
However, the hash rate war is yet to be won conclusively by any party as BCH stands at 4.5% and BSV at 2.5%, still a long way from the real Bitcoin.
Calls of manipulation on BSV?
Despite the reported volumes soaring to highs last recorded in June 2019’s bull run to its ATH, a number of analysts are convinced the BSV market is manipulated. Or could it be the launch of the third Tulip Trust by staunch supporter of BSV and self-proclaimed Satoshi Nakamoto, Craig Wright, which caused the spike? Nope, must be manipulation one analyst claimed.
Calvin buying his own coin . GG
— I am Nomad (@IamNomad) January 14, 2020
Calvin Ayre, billionaire and supporter of BSV, however refuted the claims of manipulation tweeting that the current bullish momentum is a factor of BSV’s utility and not mere luck or manipulation. He =called on those who think the price rise is a factor of manipulation stating,
— Calvin Ayre (@CalvinAyre) January 14, 2020
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.