Bitcoin SV prices surged to their highest levels since March. As investors moved towards the coin, an alternative to BTC, BSV rose to a record high of $42.10 which is about 48 percent above its lowest level for the year. The coin’s market cap has jumped to more than $748 million.
Is This is a pump and dump scheme?
There was no news to push Bitcoin SV Higher on Tuesday. BSV may be rising because investors think it’s a better option to Bitcoin. On Monday, Bitcoin’s fees jumped due to increased congestion on the network. As a result, Binance, the largest crypto exchange in the world, suspended Bitcoin Withdrawals several times on Monday. Bitcoin SV has a smaller volume than the main Bitcoin, and is viewed as a superior alternative. For one, it completes transactions in less than two seconds and charges an average fee of $0.0001. Also, the network is capable of handling over 50,000 transactions each second.
However, it is important to note that the BSV rally in price could be a “pump-and-dump” scheme. This is when insiders, or large holders, buy an asset, market it and then exit at a gain, leaving buyers to pick up the tab. This situation is not uncommon among coins with low volume, like Bitcoin SV.
Bitcoin SV price prediction
The daily chart of the BSV shows a strong downward trend. Over 90% of the peak has been lost. The Coin has also moved lower than all moving averages. The price of the stock is now $34, which is slightly higher than the previous resistance level. November 22 Last Year.
Therefore, this is what I think. Bitcoin SV rally is not a serious event. It is possible that it will begin to fall back down where it was prior to the jump. This could retreat to the next major support level at $30.