Bitcoin SV Dips by 7% to $159.07

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Bitcoin Satoshi Vision (SV) is a non-mineable token currently trading at $159.44, with a market capitalisation of around 2.9 billion. It is currently the 31st largest cryptocurrency in terms of market cap. The coin is showing strong strengths despite the dip. Bitcoin SV’s popularity stems from its objective to fork the bitcoin cash (BCH) blockchain and adjust the protocol.

Bitcoin SV Price Analysis

One of the metrics in the crypto market that can help analyse the strength of a trend is trading volumes. Looking at the trading volumes of Bitcoin SV at Coinmarketcap, the volumes were at 735, 688,444 at the time of writing, a decrease in 24 hours. This metric show that the demand for the coin has slumped compared to the previous day.

Source: TradingView

Looking at the chart above, bitcoin SV still has a long way to go before reaching its all-time high above $480 recorded in mid-April. The coin trading at around $158 shows that it has lost almost two-thirds of its value, despite trying hard to overcome the bearish momentum.

Bitcoin SV also remains far from resistance levels, meaning that the coin needs a lot of support from the broader cryptocurrency market.

Bitcoin SV’s greatest rival is bitcoin and bitcoin cash, with the token stepping up to show that scalability is possible on the bitcoin blockchain. Some market experts have called on people who dismiss bitcoin because of the scalability to adopt bitcoin SV. It could shape the future of the first currency to introduce blockchain technology.

Bitcoin Association, a global organisation whose aim is to connect businesses with BSV blockchain and digital currency, issued a report this month showing that Bitcoin SV blockchain had overtaken Bitcoin in terms of accumulated data size. The report showed that Bitcoin SV’s network had the potential of scaling beyond limits.

The total on-chain data stored on the BSV network reached 352.9 GB compared to BTC’s 352.4 GB. It was the first time that the BSV blockchain surpassed the BTC blockchain in data storage. The network’s success could be attributed to the fact that it follows Satoshi Nakamoto vision, bitcoin’s creator, to achieve limitless scalability.

With blockchain users looking for scalability above all else, the BSV network has a future in the sector. The network offers a speed of 5100 transactions per second at a low cost. Future upgrades on the throughput are also expected to be done by the end of this year. If this happens, the price of BSV will shoot.

Where to buy Bitcoin SV

To purchase Bitcoin SV, you need to open an account in any of the below exchanges:

eToro

eToro is also another popular exchange where you can trade BSV tokens. The exchange is very easy to use for beginner trader because it has a feature that allows them to follow the trading strategies of market experts, increasing their chances of making profits.

Huobi

Huobi is also another reputable crypto exchange that supports Bitcoin SV. The exchange charges zero deposit fees and withdrawal fees. The trading fees charged are also highly affordable.

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