Bitcoin SV [BSV] touted as the “problem child” of the cryptocurrency industry marked a feat many would not have expected a month prior. Beginning May 2019 off on a disastrous note, being delisted from top exchanges like Binance and Kraken, no one would’ve thought that the crypto that dropped by over 20 percent in a single day in April would rise to become the top gainer in the next month, but all is not well for Satoshi’s Vision.
According to a recent report by analytics firm Longhash, Bitcoin SV saw its price climb by a mammoth 247 percent climbing from the 15th spot to currently occupying the 8th position on the ladder. From rock bottom to peak, the price of the coin ranged from a low of $53.22 to $250, marking over 360 percent rise if the extremes are looked at.
Gulf in Popularity
The report first looked at the blockchain’s inherent popularity with reference to its active daily addresses. In early May, BSV saw a decrease in the number of unique addresses involved in the blockchain daily. Citing BitInfocharts, BSV had 6,679 unique addresses on May 1, a drop of 111 percent from the previous day where the addresses stood at 14,100.
At the time of the report being published i.e. 10:00 UTC, 31 May, the unique addresses increased to 15,978. Longhash stated,
“Comparing these figures seems to indicate that Bitcoin SV has not only recovered from its dip at the start of the month, but also increased its pool of active addresses.”
Bitcoin SV’s address further pales in comparison to the same metric for its once forked and twice forked big brothers, Bitcoin [BTC] and Bitcoin Cash [BCH], which each have 722,058 and 37,391 daily active addresses, respectively.
Gulf in Transactions
Transactions also painted a curious picture as BSV’s transactions count on May 1 was 10,000 and the same rose by a whopping 298 percent to 39,793 in the last 24 hours of the month.
Once again comparing the metric to their forks, BTC and BCH accounted for 329,806 and 19,802 transactions respectively.
Gulf in Value
Longhash stated that the “most notable change” was that seen in BSV’s median transaction value. On May 1, BitInfoCharts stated that the same was $0.33 and on the penultimate day of the month, the median transaction value was $6.63. On the flipside, Bitcoin and Bitcoin Cash posted a median transaction value of $456.61 and $3.13, respectively.
The trifecta of the above metrics point towards a growth for the seven-month-old cryptocurrency but still points to a gulf in popularity, transactions, value and even class with its forked siblings. Craig Wright and Calvin Ayre’s antics add further fuel to the fire, with the community lambasting the duo for their “bullying tactics.”
In addition to the glaring inconsistencies in their fundamentals, the digital asset being delisted from a host of exchanges has allowed it to be artificially pumped by small-time exchanges, as many analysts have pointed out.
At press time, the Bitcoin SV declined by 2.5 percent against the US dollar in the past 24 hours and was priced at $184.66. The market capitalization of the coin is $3.28 billion, behind the likes of Binance Coin by $1.3 billion.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.