Everything in the cryptocurrency market is exploding, as nine of the top 10 cryptocurrencies registered double digit gains in the past 24 hours – Bitcoin (BTC) being the only exception with an 8% increase to $8,700s, as at time of writing. The sharp rise in the market is epitomized by the growth of Bitcoin SV over the past week, whereby the crypto has registered over 100% in gains.
BSV gains over 100% in a day
The sharp rise in the top altcoins in the past 24 hours has seen the market capitalization breach $230 billion, currently standing at $238 billion. Bitcoin leads the field with 66.5% dominance, despite the comparative slow growth to the altcoin market.
BTC is witnessing a sustained bull run since the turn of the year and the past 24 hours has yet been another revelation to the pioneer coin resilience. Starting the trading session at an intraday trading low of $8,168 USD on Bitfinex, BTC bulls came in by force pushing the coin in a 7% uptrend, to change hands at 8,745 USD against the dollar, as at time of writing.
However, Bitcoin SV (BSV) – a Bitcoin spinoff – is the top 10 coin taking up all the spotlight with almost 100% growth in the past 24 hours. BSV traded at an intraday low of $174.00 USD in the early morning Asian trading session before euphoria from investors who missed the past week’s bull run saw the price spike to an intraday high of $388 USD, representing a 122% increase in a day at its highest point. This is the highest price recorded by BSV in its short history.
The bulls have since taken a step back to $331 as the relative strength index (RSI) on the daily charts cools off from the overbought levels. The spike by BSV is however not making any sense to some of the investors who expect the market to face a quick reversal if it’s following BSV’s bullish momentum.
Bitcoin SV is the #3 crypto asset, which is great because nothing is real anymore.
— Ryan Selkis (@twobitidiot) January 14, 2020
Run to $250 billion USD market cap?
Bitcoin SV’s main antagonist, Bitcoin Cash (BCH) is the second highest returning coin amongst the top ten coins with a total daily return of 26%. Eos (EOS), Litecoin (LTC) and Tron complete the top five with 25%, 15.53% and 15.45% returns in the past 24 hours.
With the market on a roll, some investors have already started talk of a possible alt-season currently with the market focused on breaching the quarter trillion dollar mark in total.