Bitcoin Satoshi’s Vision (BSV), a cryptocurrency created through a hard fork of the Bitcoin Cash (BCH) network, has mysteriously risen 90% over the last 24-hour period to become a top five cryptocurrency by market cap.
At press time, BSV is trading at $313 after rising 90% in the last 24-hour period. In the last 30 days, the cryptocurrency’s price has surged 237.8%. The rise has seen it become the fifth-largest cryptocurrency by market cap, as its circulating supply is now worth $5.56 billion.
The motives behind the cryptocurrency’s sudden surge are currently unclear. While some believe large players are simply entering the cryptocurrency space and showing preference for BSV, others have other theories. Notable Bitcoin SV supporters include billionaire entrepreneur Calvin Ayre and self-proclaimed Satoshi Nakamoto Craig Wright.
On Twitter, some have pointed to screenshots showing supposed messages from Craig Wright himself implying the private keys to the so-called Tulip Trust, which is said to have 1.1 million BTC in it, have arrived. If they have indeed arrived, BSV supporters may be buying the cryptocurrency expecting Craig to dump the 1.1 million BTC, now worth over $9.5 billion, for the cryptocurrency he supports.
“Keys have arrived.”
That's what we needed to get this thing to $200. 👍 pic.twitter.com/dUHbS7smKx
— Arthur van Pelt – Dragon Industries (@MyLegacyKit) January 13, 2020
Using data from CryptoCompare it seems clear that BTC isn’t being dumped on a large scale for BSV. Most other cryptocurrencies, including BTC, are up between 6% a 27% in the last 24-hour period, with Dash and BCH being the only top altcoins moving over 20% in said period.
While BSV is up 80% against BTC, data shows only 20.5% of its rising trading volume is against BTC, and nearly 58% of it is against the USDT stablecoin. In both cases, volume appears to be evenly spread out across top cryptocurrency exchanges.
Calvin Ayre, reacting to the price rise on Twitter, retweeted others pointing out that if the surge keeps going BSV will soon flip BCH in terms of market cap, which is itself a fork of the original BTC blockchain. At the time of the hard fork, BCH and BSV supporters were locked in hashrate wars as one side threatened to attack the other if it got to control 51% of its hashrate.
Ayre also claimed that the price rise can’t be attributed to a single factor, instead claiming it’s the result of a combination of things. Among them were the “world realizing Craig is Satoshi.”
Its no one thing. Its a combination of things. The world realizing #CraigisSatoshi, its sinking in why scaling matters and how nChains patents make it impossible for others to copy #BSV's massive scaling ability. Understanding that real value comes from utility, only BSV.
— Calvin Ayre (@CalvinAyre) January 14, 2020
Bitcoin SV’s hashrate has also been rising as a result of the pump, so much so that in the last hour 12 blocks have been mined as miners are likely rushing to mine the cryptocurrency to be able to sell it at these prices – or hold onto it.