The price of Bitcoin SV (BSV) went up over 12% in the last 24 hours, even though most of the blocks on the cryptocurrency’s blockchain are being mined by unknown entities that appear to be blocking transactions from its most popular applications.
According to CryptoCompare data, the price of BSV went up 12% in the last 24-hour period to trade at $220. The cryptocurrency, created in November 2018 through a hard fork of the Bitcoin Cash network, has been dropping from a $450 all-time high seen earlier this year, but started recovering shortly after hitting an $80 low after the mid-March crypto market crash.
Various factors could be behind the cryptocurrency’s price rise. Its block reward halving is expected to occur later this week, and will see block rewards drop from 12.5 BSV to 6.25 BSV per block. Some analysts believe these halvings lead to price rises, as demand is maintained or grows, but supply is cut in half.
BSV’s price rise could, as such, be investors pricing in the halving before it occurs. The cryptocurrency has however outperformed Bitcoin Cash, which is set to undergo its reward halving later today. Its performance could also be related to Twetch, one of its most popular applications.
Twetch is a Twitter-like social media platform built on the Bitcoin SV blockchain. Twetch users have to make micropayments to post and engage with content, and the funds are used to reward content creators through a revenue-sharing system. It’s currently in private beta, but has rolled out new features. These include the ability for users to send BSV to each other entering a command-line, and implementing a “read API” to its software development kit (SDK).
It’s worth pointing out, however, that the bitcoin SV blockchain is still seeing unknown miners mine nearly empty BSV blocks, as they appear to be censoring transactions of Twetch and BSV’s other most-popular applications, a weather platform that records data on the blockchain.
Coin.Dance data shows that over the last seven days, unknown miners have mined 53.6% of all BSV blocks. Most of these blocks barely included any transactions in them.
Featured image via Unsplash.