Bitcoin SV (BSV) is exploding today after posting gains of over 95%. For a brief moment, it eclipsed Bitcoin Cash (BCH) in market capitalization, and it looks like it just might do it again.
Bitcoin SV has been rising seemingly out of nowhere today and is leading the market in gains. The Bitcoin (BTC) knock-off posted 95% gains today and now boasts a market capitalization of $5.5 billion. Many believe that something is amiss since the gains are simply extraordinary.
BSV briefly touched a $334 price point before falling to $311. It has now assumed the fifth spot among the top cryptocurrencies by market capitalization and was briefly 4th, in front of Bitcoin Cash. BSV still has significant momentum, however, and could eclipse BCH yet again to become the largest Bitcoin fork.
The cryptocurrency was founded by Craig Wright, who claims to be Satoshi Nakamoto but has been subject to persistent skepticism from the cryptocurrency industry at large. Wright threatened to mass sue any critics who disputed his claims of being Satoshi last year, which led to widespread outrage. The ongoing feuds became so serious that Binance even delisted BSV in April, as BeInCrypto reported then. There is currently no clear catalyst for why BSV is rising other than the halving event, which is set to occur much later this year. However, the cryptocurrency recently saw a push upwards after some legal news regarding Wright, as BeInCrypto has previously reported.
Bitcoin forks
Bitcoin SV’s goal is to ultimately overtake Bitcoin proper someday. However, believing that will happen requires some senseless imagination—just like believing Craig Wright is actually Satoshi. All in all, it seems clear that the BSV drama isn’t going away anytime soon.
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