Here’s why the Bitcoin SV (BSV) price just went vertical

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Bitcoin SV price hits highest since March 1 as investors flock to coin, which is an alternative B T c, BSV reached a high of $42.10, up almost 48% from this year’s low. The market cap of the coin has grown to over $748 million.

Is it a pump-and-dump scheme?

There was no news that pushed Bitcoin SV higher on Tuesday. One possible reason for the rise in BSV is that some investors believe it to be a better alternative to bitcoin. as we wrote in Article On Monday, bitcoin fees skyrocketed on Monday due to extreme congestion in the network.

As a result, binance, biggest crypto exchange In the world, several times on Monday suspended bitcoin withdrawals. Bitcoin SV, which has a lower volume than the main Bitcoin, is therefore seen as a better alternative. For one, its transactions take less than 2 seconds to complete while the average transaction fee is around $0.0001. Also, the network can handle more than 50,000 transactions per second (tps).

However, it is worth noting that the BSV price rally may have been a pump-and-dump scheme. This is a situation where insiders or large holders buy a property, promote it, and then exit at a profit, leaving buyers with the bag. This situation is common in low volume coins such as Bitcoin SV.

bitcoin sv price prediction

The daily chart shows that BSV price is in a strong bearish trend. It has crashed more than 90% from the highest point on record. The coin has also moved below all moving averages. It moved slightly above the crucial resistance point of $34, which was the lowest point on November 22 last year.

Therefore, I believe this bitcoin SV rally has no legs. In this way, there is a possibility that it will come down again to the same place it was before the jump. This could see a retracement towards the next key support at $30.

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