As crypto markets settle down from their epic dump over the weekend things are starting to move once again. Bitcoin itself has done very little but the spawn of its sibling, Bitcoin Cash, is doing very well at the moment. Bitcoin SV is on a roll surging 20% and poised to re-enter the top ten.
Satoshi’s Vision Still Alive and Kicking
Over the past 24 hours Bitcoin SV has surged from just over $61 to around $74 before pulling back a little. This massive movement of over 20% has increased BSV market cap to just under $1.3 billion allowing it to close the gap on Binance Coin in tenth place just $100 million ahead. BNB has fallen back today by around 4% as crypto markets pick up the pieces.
Daily volume for BSV has pumped from $110 million to $237 million with the Bit-Z exchange taking the largest share of it at around 24%. South Korea has been buying up BSV during Asian trading today as around 11% of total volume has been in KRW on Upbit and Bithumb.
Bitcoin SV is the rebirth of the original “Satoshi Vision” for Bitcoin; it was spawned after the controversial ‘hash wars’ in November last year when it forked from Bitcoin Cash. Its website rather provocatively states;
“Bitcoin SV is the original Bitcoin. It restores the original Bitcoin protocol, will keep it stable, and allow it to massively scale … Four fundamental pillars form the basis of Bitcoin SV’s roadmap to create the one blockchain for the world: stability, scalability, security, and safe instant transactions (a.k.a 0-confirmation).”
What Caused The Big Pump?
The only fundamental news at the moment is a press release stating that Lithuanian-based fintech firm, Coingate, has enabled trading and payments for BSV. According to the report the company serves over 4,500 business clients and 80,000 registered users. Chief Commercial Officer, Vilius Semėnas, stated;
“As a bridge between cryptocurrency users and merchants, we are in a unique position to remove adoption barriers for both sides. That said, we are pleased to make Bitcoin SV available for any consumer to spend, without introducing technical hurdles or adding overhead costs for merchants.”
The company brings cryptocurrencies closer to adoption by offering multiple methods to setup online payments for merchants and consumers. It also provides a platform for buying and selling crypto assets without the need for depositing funds first. A number of alternative payment methods can be used such as mobile, credit cards, and local payment providers.
Longtime Bitcoin Core (BTC) maximalist, Kevin Pham, has also recently jumped ship and joined BSV which could be adding to momentum at the moment. The twittersphere is reacting strongly and crypto tribalism is still alive and kicking.
The personal attacks by BTC'ers is ramping up.
BSV'ers don't tell me I didn't warn you and to take the necessary precautions.
— $kevinpham20 🐉 (@_Kevin_Pham) February 25, 2019