As we all know, bitcoin is doing quite well at the time of writing. It has shot up past the $9,700 mark and is reaching its highest levels in approximately four months.
Bitcoin Isn’t Looking as Good as Other Coins
And yet, according to one source, all other altcoins are doing better than BTC and putting it to shame. Even though the world’s number one cryptocurrency by market cap has shot up by nearly 40 percent this year, its smaller cousins are really adding steam to the crypto industry.
One such coin to experience grand surges in the year 2020 has been bitcoin SV (BSV). The currency – which first emerged in late 2018 following a hard fork of bitcoin cash – has been at the center of much controversy over the past two years. BSV is widely blamed for the crypto crash that occurred around Thanksgiving of 2018.
At that time, bitcoin – which was trading in the mid to low $6,000 range for much of the previous months – suddenly fell to about $3,500, thereby losing more than 70 percent of its value. Other currencies, such as Ethereum (ETH) and EOS (EOS), also incurred heavy drops and lost roughly 90 percent.
BSV has widely spiked thanks to a lawsuit centered around Craig Wright, its creator, and the estate of Dave Kleiman, an early bitcoin developer that potentially worked with Wright. Following the conclusion of the case, Wright claimed to possess documentation that allegedly proved he had something to do with the birth of bitcoin back in 2008. From there, BSV shot up by more than 100 percent.
In addition, it’s “father currency” bitcoin cash is up at press time by more than 110 percent. Researchers at SFOX claim in a statement:
While prices appear to be increasing and substantial growth is happening in terms of institutional product offerings and regulatory clarity, there are still significant unknowns hovering over the market at large.
They claim that they’re neither here nor there on the crypto industry and can’t state for sure whether the bear trends have finally come to an end. Furthermore, they state that while bitcoin’s price isn’t as high as it’s been in the past, it’s still the dominant cryptocurrency, and takes up the most space within the digital arena.
Too Early to Tell
It’s not clear whether bitcoin will function as a ‘safe haven’ in coming geopolitical turmoil. It’s not clear how much institutional appetite is actually there for all the institutional crypto offerings being launched, and it’s not clear what impact the upcoming bitcoin block reward halving, just four months away, will have on the price of bitcoin.
Other currencies up at press time include ETH, which has shot up by more than 60 percent since the beginning of the year. Ripple’s XRP is also up 47 percent, and Litecoin is up 78 percent.