Bitcoin SV surges into the top ten with gains of almost 47%

29 May, 2019 | Updated: 29 May, 2019
by Richard Allen
Price Action
Bitcoin SV surges into the top ten with gains of almost 47%

Bitcoin SV has rocketed into the top ten with gains of just under 47% at the time of writing. BSV’s current surge comes just a few days after the project soared 200% in the space of a few hours.

Bitcoin SV rocketed from about $119 to a high of around $190. While it’s declined a little, the BSV is still riding gains of 46.75%, trading $175.41 at the time of writing, with a surge of around 16% seen in less than an hour on Bittrex. BSV’s market cap is currently sitting at $3.1 billion, putting it firmly in ninth place.

The project has set up a Scaling Test Network (STN), AMBCrypto reports, which is specifically designed to test on-chain scaling for large blocks. The STN has been testing a block size of more than 1GB, which might be implemented on the mainnet – a possible reason for the project’s price hike.

Additionally, a press release published on May 27 has announced the launch of a protocol enabling businesses to create tokens for real-world assets on the Bitcoin SV blockchain.

However, another theory for the rise of BSV has been put forward by Dovey Wan, founding partner of Wheatpond. According to her, crypto media in China circulate breaking news via pictures in WeChat. Scammers can then take the template and photoshop a new one, making it look like a legitimate news article. 

Aside from BSV, other notable top 10 earners include XRP and Bitcoin Cash, both adding over 6% to $0.45 and $461.22 respectively. Bitcoin is up 0.68% to $8,747.88.

Further down the list, IOTA is the next biggest earner after BSV, climbing almost 21% to $0.51. Theta comes in next with gains of 12.11% while Komodo is up almost 11%.

Total market cap is sitting at $276.7 billion while Bitcoin’s dominance is down slightly to 56%.

BSV/USD chart provided by Tradingview

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