Bitcoin SV (BSV) Price Rallies Over 40% Intraday Amid Bitcoin’s Skyrocketing Transaction Fees

Key Takeaways:

• BitcoinSV price breaks the descending trend and spikes by nearly 50%, reaching levels close to $45 
• The rise triggered the bears, who may try to restrict the rally below $40 but eventually revamp a fine upswing.
• A huge rise in development activity and social dominance flashes huge bullish signals for the crypto

In recent times, a new trend of BRC-20 tokens has made huge noise within the crypto market. What are they? BRC-20 tokens are NFTs that are built on the Bitcoin network. The rising adoption of NFTs has severely impacted the overall health of the network, which remains congested; spiking the number of unconfirmed transactions to the highest level in its history as the demand for ordinals and BRC-20 tokens spikes. 

In the meantime, after the hard fork, BitcoinSV spiked by more than 50%, surpassing $41 in a short while. The BSV proponents now debate over whether the platform is more efficient than Bitcoin, as the BSV chain maintains a larger block size with lower fees. The buyers have now moved to BSV, which triggered a massive upswing, raising the volume by three times compared to the past couple of days.

BSV offers block sizes up to 4 GB, which is a thousand times greater than Bitcoin’s 4 MB block size unit. Moreover,  the chain also supports more than 50,000 transactions per second, while the fees amid high demand also remained around $0.00374. Therefore, this may have intensified the demand for the Bitcoin forks which has spiked heavily in the near past.

Additional Read: BTC Price & ETH Price Lag Behind This Week, Altcoins Shine!

BitcoinSV (BSV) Technical Overview

Source: Tradingview

• The BSV price was trading within a descending parallel channel for quite a long time, and the recent rise breached the resistance for a while.
• The price soon faced a bearish pullback, due to which the levels re-entered the channel and are heading toward interim support.
• The RSI faced rejection from overbought levels, while the ADX is displaying a bearish divergence that signifies the pullback may prevail for a long time.
• Hence, a minor pullback below $38 may be expected, which may catapult action to spark a rebound soon.

BitcoinSV (BSV) On-Chain Overview

BitcoinSV Development Activity

Source: Santiment

The development activity is considered one of the most important indicators to determine the strength of the rally over time. These are recorded on the GitHub public repositories and calculated using the number of commits submitted with respect to the project. They may be either registering new upgrades or submitting any queries, suggestions, etc. 

The rise in development activity is usually considered a bullish sign for crypto, as market participants tend to build more confidence in the project in the long term. A similar trend is witnessed at the moment, as a major spike has been registered in the past few days after maintaining a lower rally for a long time.

BitcoinSV Social Dominance

Source: Santiment

The social dominance of a token is calculated against the dominance of the other top 100 tokens as per the market cap. It usually considers the social data and volume of the token, which is nothing but the number of searches, messages, discussions, etc. being carried out about the token by the market participants. 

A rise in social dominance indicates that the social dominance of BSV has spiked compared to the other top 100 tokens within the market. This may not directly impact the token’s value but may maintain positive market sentiments for a long time. 

Read more: Bitcoin Price Prediction

Concluding Thought

BitcoinSV, the hard fork of Bitcoin has gained mainstream attention as the need for a bigger block size has knocked the crypto space. The huge number of unconfirmed transactions which has prevailed over the past couple of days may be a huge indicator of a need for a more scalable platform similar to the lightning network. 

Besides, the growing adoption of hard forks like BitcoinSV in terms of development activity and dominance indicates the impending change within the space.