There is plenty of red across all cryptocurrency and digital asset charts today. This is not entirely abnormal by any means, as Bitcoin dictates the overall momentum. Although the hourly charts show some positive momentum, one market not seeing any improvements is Bitcoin SV. This altcoin is getting beat up from every side as this weekend trucks on.
Bitcoin SV Price Battering Continues
It is not entirely surprising to see the Bitcoin SV price go down significantly. After all, this fork of Bitcoin Cash has been through the wringer ever since it was created a month ago. The coin still serves no real purpose for regular users and it seems most speculators are also bailing on this altcoin for the time being. That pushes the value to just above $65, albeit that level may not hold for much longer either.
Over the past 24 hours, there has been a very notable decrease in the BSV value. First of all, there is a net 11.6% loss against Bitcoin itself, which pushes the BSV/BTC ratio down to 0.0203 BTC. Secondly, there is a net 13% decline in US Dollar, pushing the value to $65.2. It is very likely that value will continue to drop over the weekend, as there isn’t any real trading volume to keep the market afloat.
There are plenty of people who are quite pleased with this development, as is to be expected. Time Blockchain for example likes to point out how Litecoin is inching ahead of both Bitcoin Cash and Bitcoin SV in terms of market cap and trading volume right now. A very peculiar yet interesting overall market trend. After all, the altcoin rankings have been shaken up quite a bit over the past few months.
— April 2019 bitcoin boom (@timeblockchain) December 15, 2018
The Tweet by Justin Bons, while a most valid personal opinion, will undoubtedly spark some debates among BSV fans as well. It is evident everyone has their favorite coin and will try to discredit any negative remarks being made in the process. Claiming supporting Bitcoin SV is equal to fundamentalism, is a bit unusual, though.
Some BSV supporters fit this definition:"Unwavering attachment to a set of irreducible beliefs .. strict literalism .. leading to an emphasis on purity and the desire to return to a previous ideal .. rejection of diversity of opinion" #BitcoinCash #BitcoinSV #BCH #BSV #blockchain pic.twitter.com/hNY1ZGbhOq
— Justin Bons (@Justin_Bons) December 15, 2018
On the other side of the medallion, there are also those who try to see the sunshine after the rain. Accretion Eugene is confident this will be the last dip for Bitcoin SV and a short-term rebound could be in the cards. A very interesting outlook, albeit no technical fundamentals are provided to back up these claims right now. Anything is possible in this industry, though, but an actual uptrend seems somewhat unlikely.
— Accretion_Eugene (@eugeneaccretion) December 15, 2018
There has never been too much love for Bitcoin SV, as many people blame this currency for driving down the value of all major cryptocurrencies Now that the Bitcoin SV price itself is dropping, however, none of the top currencies are recovering. As such, there appears to be more to this matter than meets the eye first and foremost. It will be a brutal weekend once again, that much is almost guaranteed at this stage.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.