Bitcoin SV went from ninth to fourth place in the cryptocurrency ranking. The price of BSV advanced from USD 170 to more than USD 400 between January 13th and January 14th.
In the middle of a green market, with Bitcoin’s price exceeding USD 8,700, there is another prominent cryptocurrency: Bitcoin SV (BSV). This altcoin born from a fork of Bitcoin Cash, which is in turn derived from the pioneering cryptocurrency, has gained more than 100% within a period of 24 hours.
Between Monday, January 13th, and Tuesday, January 14th, the price of Bitcoin SV has gone from around USD 170 to exceed USD 400. The increase in the percentage, at the time of writing this article, is exactly 148.14%, according to data from CoinMarketCap.
With this increase, BSV rose to fourth place among the main cryptocurrencies, according to its market capitalization. With its initial price in these 24 hours, BSV was previously ninth on this list.
It should be noted that this market capitalization went from USD 3,075 million to more than USD 7,000 million. With this increase, the cryptocurrency outperformed the pegged cryptocurrency or stablecoin Tether (USDT) and the altcoins Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), and Binance Coin (BNB). During its highest point in this period, the market capitalization of BSV is close to USD 8,000 million while its price is close to USD 422.
The increase in the price of Bitcoin SV coincides not only with a rise in most of the cryptocurrency market but also occurs after the announcement of a new decision by a Florida court, which affects the main promoter of this cryptocurrency, Craig Wright.
The Australian entrepreneur, who has launched a crusade to be considered the real Satoshi Nakamoto, will not have to hand over the amount of BTC that he owns to the family of his late ex-partner, Dave Kleiman. This decision reverses the initial sentence in the Kleiman-Wright case, which forced him to hand over all the funds in BTC that he had until December 2013.
The low liquidity levels for BSV reflected by the largest exchange houses, according to their operation volumes, suggest that the increase does not correspond to exchange activities. On the contrary, this seems to indicate an inflated price that was resonating in the market.
BSV is not the only cryptocurrency with low liquidity levels, according to data from CoinMarketCap. Likewise, other major currencies have increased their value between January 13th and January 14th, such as BCH, ETH, and LTC.
Another Rebound Caused by Craig Wright
It is not the first time that news involving Wright has dramatically boosted the price of BSV. It also happened in May 2019, when the controversial promoter of the cryptocurrency filed a copyright application for the Bitcoin white paper.
On that occasion, Bitcoin SV increased up to 75% in 24 hours and its value grew even up to 200% during that time. The price reached USD 139, but a rapid correction returned BSV below USD 100. It is worth mentioning that the market capitalization of the cryptocurrency then was above USD 1,757 million.
By Alexander Salazar