Bitcoin SV (BSV) is one of the crypto industry’s top new coins. Last week, it was performing extremely well and had added nearly 100 percent to its overall value. That means it nearly doubled in price over the course of just a few days and was trading for well over $300.
BSV Is On a Serious Roll
Now, the currency’s blockchain has managed to integrate itself into roughly 400 separate projects and companies across the globe. This number is expected to move even higher in the coming weeks as more and more businesses seek to build atop the BSV network.
Jimmy Nguyen – founding president of the Bitcoin Association – explained:
It’s exciting to see so many developers, entrepreneurs and now some enterprises see the advantages of bitcoin SV. In the BSV ecosystem, we focus on building applications with utility, so we grow real value rather than just waiting for the price of a cryptocurrency to magically go up for no reason. In 2020, the Bitcoin Association will accelerate our global work to support even faster growth of development projects and ventures on the BSV blockchain.
Despite all this, BSV appears to be a largely speculative coin at the time of writing, and its value and properties are potentially based on media hype and how often people are talking about it. This isn’t always good in that once people lose interest, a coin hyperinflates or disappears overnight. Not that this will happen to BSV, but it is a relatively new coin – a coin that’s at the center of several controversies.
For one thing, many believe the hard fork of bitcoin cash (BCH) – which gave rise to BSV during the last months of 2018 – is what caused bitcoin’s price to drop so drastically to approximately $3,500 by the time Thanksgiving rolled in. The world’s number one cryptocurrency by market cap stayed at this range for approximately five months before finally showing signs of recovery in April the following year.
In addition, there is a massive lawsuit between Craig Wright – the alleged creator and instigator of BSV – and Ira Kleiman. Ira is the brother of Dave Kleiman, a potential early bitcoin developer who assisted Wright during the primary stages of the industry. When Dave passed away in 2013, Wright – according to Ira – sought to destroy his legacy and cheat his family out of a potential bitcoin inheritance.
Does It’s Price Depend on Hype?
This has led to a billion-dollar lawsuit between Ira and Wright. A judge in Florida ultimately sided with Kleiman and requested that Wright hand over half his bitcoin fortune to the Kleiman estate, which would account for as many as $4 billion in BTC units.
The BSV price has correlated heavily with news surrounding the lawsuit. Once news drops off the map and the environment cools down a bit, however, the currency seems to drop.