A Bitcoin flippening was witnessed for the first time this week as Bitcoin Cash (BCH) was replaced by Bitcoin SV (BSV) as the world’s fourth-largest capped cryptocurrency.
BSV gained over 100% on Tuesday alone, eventually topping out at $452 per coin on Wednesday according to TradingView.
Pulling back to the weekly view, we see that BSV has been on a tear all week. The coin’s gains for the past seven days stand at a whopping 286%. That saw the coin price rise from $117 up to the $452 recorded on Wednesday.
Bitcoin SV – led by self-proclaimed Satoshi Nakamoto, Craig Wright – was created in November 2018 as the result of a hash-war.
Controversy has followed the coin since its inception, leading many to assume the worst about Bitcoin SV’s current pump. Warnings of an impending exit scam rang around skeptical circles of social media.
But BSV supporters are celebrating what they see as the first step in an eventual victory over other Bitcoin imitators.
Bitcoin Cash had held onto fourth spot in the cryptocurrency market cap rankings for some time – only briefly being replaced by an inflated Tether (USDT) on occasion.
Now, the rise of BSV turns the ongoing Bitcoin battle into a three-way shootout. As CoinGeek CEO Calvin Ayre retweeted on Wednesday, the BSV blockchain didn’t choke and splutter under the weight of increased blockchain activity:
Indeed, BSV’s transaction count now exceeds that of both Bitcoin and Bitcoin Cash. That said, BSV’s average transaction value has remained miniscule compared to its competitors.
BSV’s sudden ascension is doubly surprising given its abrupt removal from several major cryptocurrency exchanges earlier this year.
The real reason for the coin’s pump may not be related to its utility in the slightest. A glance at the day’s top gainers puts Bitcoin SV in unreputable company.
Both Bitcoin Gold (BTG) and Bitcoin Diamond (BCD) are notorious for being used and abused in pump and dump schemes. A lack of strength in the coins’ mining communities makes them very easy to manipulate.
Can the same be said for BSV?
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Sam Bourgi.
Last modified: January 22, 2020 11:38 PM