The nChain-spearheaded project, Bitcoin SV [BSV], took the market by storm, following a bearish swing that shaved nearly $17 billion from the global market cap in less than 24 hours. Bitcoin SV initially felt the bite of the bear, dropping down to $60.72 during the downfall and then, was buoyed up following a major announcement.
CoinGate, a Lithuanian-based FinTech company, announced support for Satoshi’s Vision. With Bitcoin SV being added to CoinGate’s services, its 4,500 clients and over 80,000 users can now trade BSV. Since the beginning of the year, several trading platforms such as Coinify, Exodus, Waves Platform and CoinPayments have added BSV.
Bitcoin SV saw a whopping 14.4 percent rise against the US dollar in the past 24 hours after it shot down to its lowest point since the beginning of the month. On 24 February, the coin’s price plummeted to $60.72, a whopping 14.9 percent decline from $69.77 a day earlier.
The first market resurgence, sparked by the CoinGate announcement, saw the coin shoot up from the aforementioned low price point to $71.71, a significant 18.09 percent increase in less than 22 hours. The coin’s price fell down briefly to $67.46, but in the following two hours, surged by 10.4 percent to reach $74.48, its highest price point in a month. At press time, the coin’s price was slightly edged down due to a market correction and is currently trading at $70.85.
A sharp spike was also seen in the market cap of the coin, which crossed the $1.3 billion mark for the first time in over a month. The coin managed to break the $1.2 billion ceiling and avoided slipping below to a nine-figure market cap, but the sentiments didn’t show any positive signs. Prior to the weekend’s uptrend, the coin languished at $1.15 billion and then rose to $1.23 billion, following a bearish mauling endured by the collective market which dropped the coin’s total market valuation to $1.07 billion.
The coin then shot up in two isolated intervals, rallying after the CoinGate announcement. The first rise saw the coin bump up its market valuation to $1.25 billion and after a brief dip to $1.19 billion, the market cap rose to $1.31 billion. At press time, the coin’s market cap has slightly edged down to $1.24 billion.
Last week, Bitcoin SV was taken by surprise when it lost its eleventh spot on the global coin ladder to Cardano [ADA]. Binance Coin [BNB] pulled a fast-one on Bitcoin SV as well, when it took the tenth spot from the coin at the beginning of the month, and the former had amassed a notable market cap difference between Satoshi’s Vision.
Following the bullish rise, Bitcoin SV skyrocketed past Cardano and now leads the latter by $130 million. Binance Coin is in danger of slipping past BSV as well, as the former holds the unfortunate title of being the biggest loser in the top-10, with a 5.48 percent decline against the US dollar. The gulf between BSV and BNB was cut short to just $112 million, with a shuffle imminent.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.