The previous week was something of an anomaly for Bitcoin SV, with the cryptocurrency skyrocketing like never before. This shoot-up occurred just as the rest of the cryptocurrency market also got wind of a bullish run.
Let us now look at how fantastic the journey was for Bitcoin SV and make more sense of the flippening that took place.
The Price Hike Origin:
On January 14, Bitcoin SV’s price started climbing up the chart at a rate that was similar to the ones triggered by Bitcoin’s climb. The value of the cryptocurrency continued to climb over the next couple of hours and by January 15, the price had jumped from a steady $170 to $311.
The All-Time High Moment:
This continued to be the price hold for some more time and then Bitcoin SV witnessed its biggest jump. In a matter of hours, BSV went from $330 to $435.72. This perpendicular climb sent the entire cryptocurrency market into a frenzy with many calling BSV the next big thing. Compared to other cryptocurrencies climbing on the charts, BSV was one of the few enjoying double-digit growths along with Litecoin.
The eight percent jump in such a short span of time also resulted in some members of the community calling BSV a ‘bubble’. The BSV supporters were, however, focused on the ‘flippening’.
Ever since the hard fork that resulted in Bitcoin Cash and Bitcoin SV, both its communities have been at war against each other. BCH has always stayed above BSV on the price charts and supporters of the latter always believed that it would one day overtake its nemesis. This phenomenon is what is known as the ‘flippening’.
The moment actually occurred on January 16 when Bitcoin SV’s growth finally surpassed that of Bitcoin Cash near the $320 mark. BSV communities erupted in joy as proponents such as Calvin Ayre, Craig Wright, and Samson Mow reaffirmed that it was the real Bitcoin.
What has happened since then?
As communities rallied behind BSV, some other members continued to state that the price rise would be short-lived. That was exactly what happened when Bitcoin’s price started falling. Bitcoin continued to collapse by 18 percent on the 24-our time frame while some alts rallied. During this time, Bitcoin SV crashed by 40 percent from its local peak causing many to panic.
At press time, BSV was trading for $263.5 with a total market cap of $4.8 billion. It had also ceded the 4th place back to Bitcoin Cash which was trading for $365.46. BSV’s 14.7 percent dip on the daily chart also caused its 24-hour market volume to fall to $3.46 billion.
The inconsistency of the altcoin market was also pointed out by several analysts in the digital assets space. Nicholas Merten, a popular crypto analyst had tweeted on January 15, saying:
“Ignore the price moves of $BSV. Only $35.6M of the volume is from exchanges open to US traders. The other 99.4% of daily volume is made up of mainly no-name exchanges and known wash trading exchanges that still deceive this space. They can basically dictate a false price.”
Many others have also echoed this concern, asking communities to just focus on logic and developments rather than just numbers. Bitcoin SV may have gone through an ‘irrational’ surge over the past week, but people who made profits surely would not have cared.