Key Takeaways:
- Bitcoin SV rises by 102% to cross the coveted $100 mark, becoming one of the most traded cryptocurrencies in the market
- The rally was attributed to an increased demand for native tokens of blockchains hard forked from the Bitcoin Network due to anticipation of BTC spot ETFs being approved in the US
- Bitcoin Satoshi Vision (BSV) founder Craig Wright landed himself in a bit of a controversy after claiming to be the real Satoshi Nakamoto, founder of Bitcoin
Bitcoin Satoshi Vision (BSV), a contentious fork of the original cryptocurrency – Bitcoin (BTC), has been experiencing a significant uptick in price over the past week. During that period, BSV surged by over 102%, even crossing $100 – a level not observed for the cryptocurrency since April 2022.
BSV is currently trading at $102.84 – rising 150% year-to-date.
BSV Crosses $100 As Demand For Bitcoin-Forked Tokens Are On The Rise
The latest price increase can be largely attributed to growing interest and trading activities for Bitcoin SV in the South Korean market. The country’s largest crypto exchange Upbit, accounted for 65% of BSV’s trading volume and recorded a substantial $275 million in transactions linked to the token earlier today.
However, the trend did not stop there, as OKX – one of the world’s largest crypto exchanges – also experienced a similar surge in BSV trades, with volumes exceeding $47.5 million within a day. This has resulted in Bitcoin SV’s trading volume rising by over 300% in the last 24 hours to hit nearly $154 million.
Bithumb, another leading crypto trading platform in Asia, accounted for 5% of the token’s total trades. Other exchanges like HTX, KuCoin, and Gate.io totaled around 20% of the total BSV trades at the time of writing.
BSV’s dramatic rise also resulted in the token’s trading volumes across all exchanges rising by $800 million over the last 30 days. Despite the improved price performance, the cryptocurrency remains 81% below the all-time high of $491.64 it achieved in 2021.
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BSV Founder Makes Unfound Claims Of Being The Real Satoshi Nakamoto
Bitcoin Satoshi Vision was founded by Australian computer scientist Craig Wright, who claims to be Bitcoin’s pseudonymous founder Satoshi Nakamoto. He hard-forked Bitcoin Cash (BCH), which itself is a hard fork of the original Bitcoin network, to launch BSV in 2018.
Bitcoin SV aims to stay true to the original vision of Satoshi Nakamoto for Bitcoin as outlined in the Whitepaper. Hence, the name.
Crypto advocates have long argued that the Bitcoin Network lacked scalability and was extremely slow, which resulted in the formation of forked blockchains like BSV and BCH that claim to be a highly scalable, stable, and secure alternative to BTC.
Bitcoin SV is presented as an enterprise-level blockchain and peer-to-peer electronic cash system that stays true to Satoshi’s expectations for Bitcoin.
Lately, the project fell into hot waters after its founder controversially claimed that he was the real Satoshi Nakamoto. He even went on to sue crypto exchanges Coinbase and Kraken for copyright infringement, arguing that he owned the rights to the name “Bitcoin” and those platforms cannot use the term for BTC or BCH, which are projects he alleges to have deviated from the real direction intended for Bitcoin.
However, the case was pushed away after a UK High Court judge ruled that Craig could not provide “satisfactory evidence” to claim ownership of Bitcoin. The court also found that he had insufficient funds to cover potential legal costs in his lawsuit against the crypto trading platforms.
Bitcoin Forks Experiencing Surge As BTC Spot ETFs Get Close To Being Approved in The US
Meanwhile, BSV isn’t the only Bitcoin fork to have observed a surge in recent days and weeks. Bitcoin Cash (BCH) also rose by 10% during the day to a near 6-month high of $276 before retracing to $269.
Bitcoin Gold, another hard fork of Bitcoin, is also up 17% in the last 24 hours and is reportedly trading at $20 at press time.
The recent rise in market sentiment for these Bitcoin-forked assets can be linked to the prospect of a Bitcoin-focused spot exchange-traded fund (ETF) being approved in the US by the Securities and Exchange Commission (SEC) in the coming week.
The development has also resulted in BTC’s value rising over 40% in the last six months. The world’s leading cryptocurrency even crossed the $45,000 mark for the first time in nearly 2 years and is currently trading at $45.514 – up 7.2% in the last 24 hours.
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