Like it always seems to be nowadays, the cryptocurrency market has no good news offer. Bitcoin is down AGAIN, this time by 7.50 percent leaving it to be priced at $3,691 which is a bit too close to the £3,500 key resistance level for my liking. As is usual with this, all the other cryptocurrencies are down too with the second biggest cryptocurrency down 7.76 percent leaving it priced at $0.345. Ethereum is down 8.44 percent at the current time of writing which gives it the price of $105.
Despite the whole market being in the red - and the bad news seemingly losing more and more value by the hour - Bitcoin SV has entered the top ten according to CoinMarketCap.
One of the results from the Bitcoin Cash hard fork, Bitcoin Cash SV (Satoshi’s Vision) has gained over 70 percent in just 24 hours before it sunk back to its current price of $103.
The new cryptocurrency forked from the Bitcoin Cash network on 15th November just surged from the bottom of the pile to the number 7 spot according to CoinMarketCap. Even though it wasn’t in seventh for a long time it has only dropped to the eighth spot on the top 100.
This positive momentum for SV started to build up after the team behind the fork claimed on the original Bitcoin Cash chain and focused on its own application and developments. By sending a clear signal that the Hash wars might be over, the team subsequently sent Bitcoin SV massively surging. The coin gained over 70 percent in just 24 hours in which, for a short time it went above the $120 price.
Over the weekend, Bitcoin SV architect Craig Wright published a roadmap for his vision on the project which looks quite ambitious.
"Bitcoin as SV will have miners earning over $8,000 a block based on use alone. That equates to $640 a bitcoin on exchanges, and we have not factored in the gambling price of bitcoin, just what miners will earn as a service,' he wrote, explaining the scheme of remunerating miners for their input.”
Who knows if SV will stay in the top ten or if it will be sent crashing down back to the bottom. What are your thoughts? Let us know what you think down below in the comments!