With aims to bring back the Satoshi’s Vision, BSV has always been the talk of the crypto town. Despite the looming controversies, it continued to grow since its inception and swept the market in the last week with over 300% gains. With the unceasing buzz in the community, Bitcoin SV started the decade with a bang and going great.
In this post, ChangeHero will give you a brief outlook of BSV’s price action and how it would be performing in 2020.
The dawn of bitcoin gave rise to a billion-dollar industry along with hundreds of cryptocurrencies. And Bitcoin Satoshi’s Vision is also among them but has a significance of its own. BSV is relatively young crypto which came into existence as a result of the Bitcoin Cash hard fork. Though the chain officially split from the Bitcoin Cash on November 15, 2018, the idea of BSV has been existing way before the parting. Craig Wright lead BSV is keen to bring back the Satoshi’s Vision and claims to be the original Bitcoin.
The initial idea of increasing the block size from 32 MB to 128MB has resulted in the community division. A few of the core notions include a more stable protocol, safe transactions, zero confirmations and large scale transactions to boost the adoption of this cryptocurrency both by the consumers and businesses.
Despite the delayed entry, BSV has taken the crypto enthusiasts by surprise with its splendid performance in the market.
Dawn of the SV
Even before the forking event, BSV’s value shot up to $223 on November 14, 2018, thanks to the buzz about the Satoshi Nakamoto’s identity and its promotional strategy stating that it is the original Bitcoin. Though BSV touched the rock bottom of $46.61 in the following days, it gained considerably well and traded just under a hundred dollars till the end of the year 2018.
Ending the decade
BSV started trading in the year 2019 at a price of $91.75. Despite the head-start, BSV was not able to keep up the pace and the price gradually dropped in the following weeks mostly due to the technical issues in the network. Storm stuck BSV community when Binance has announced the delisting of BSV from exchange citing Wright’s claims of Satoshi Nakamoto’s identity as false. To worsen things, Shapeshift also delisted the crypto following Binance. This led to a sharp drop in the price of BSV to $52 in April.
Albeit the unfavourable environment from various exchanges and crypto community giving a hard time, BSV bounced back and grew in the following months. Craig Wright’s lawsuit with David Kleiman, his deceased partner, can be credited to this as over $8 Billion worth of bitcoins were at stake in the case. With some people opposing the Bitcoin SV and others supporting in the public forums and social media, Craig Wright and BSV turned out to be the topic of discussion. Either way, it helped BSV to a large extent and its price raised dramatically in the mid-2019 reaching the year’s high $255.88 on June 22, with a total market cap of over $4 billion.
In the last half of the same year, BSV has fluctuated severely mostly due to the argy-bargy of Satoshi Nakamoto’s identity. BSV ended the decade at a price of $96.92 and comfortably stood among the top-10 most valuable cryptocurrencies.
A flying start to 2020
BSV sent tremors in the market with a theatric entry to 2020 with a massive upsurge in the second week of January. The price shot up over 300% in just two weeks and reached an all-time high of $441.20 on January 14. Alongside this, the young cryptocurrency cruised through the most valuable cryptocurrencies club and occupied the fifth place. The rise has taken place when the news broke out in the community that Craig Wright has acquired access to the Tulip Trust funds. The excitement didn’t stay longer and immediately after reaching the peak, BSV’s value plummeted to $248.21 on January 19, when Craig was unable to gain access to the private keys of funds in the Tulip Trust. As of writing, BSV was traded at a price of $316.62 with a market value of over five billion dollars according to CoinMarketCap.
Genesis Hard Fork
Amid the spiralling controversies and debates, the BSV team is adamant to deliver the promise of restoring Satoshi’s Vision. The community scheduled the Genesis Hard Fork event for release on February 4. With testnets and stable release already up and running, BSV is all set to deploy the major upgrade for the network. One of the most enticing changes that the community is looking forward to is completely removing the block size limit eventually transforming the chain to be highly scalable. Experts predict that this results in more transactions, adoption and might significantly impact BSV’s price. Quickly check this article for detailed info about the BSV Genesis Hard Fork. In addition, there is also a major halving event in the first quarter of 2020 which would have an impact on BSV price but it definitely deserves a separate article. Watch this space, the article’s just around the corner.
Talk of the town
It is of no surprise that BSV is a hot topic of discussion in the crypto community. On one hand, we see many influencers opposing BSV and on the other, there is some cult following to it. ChangPeng Zhao (CZ), Binance’s CEO took to Twitter to voice his concerns about Craig Wright’s claims of Satoshi’s identity. Vitalik Buterin has also slammed BSV in a video interview but he expressed scepticism about exchanges delisting BSV. On the other hand, Calvin Ayre and Jimmy Nguyen have been vocal about their support to BSV. Analysts appear to be bullish for BSV’s future. Wallet Investor predicts that BSV might be traded at a price of over $374 by the end of 2020. Crypto Rating went a step ahead and stated that BSV will be priced at $980 by the end of the same year.
To put an end,
BSV does draw a lot of scepticism and concerns on the first impression but on a deeper observation, the project reveals a completely different picture. It has been one of the best performing cryptocurrencies in the market since its inception along with plenty of technical improvements which has a greater potential to change the way crypto transactions take place. It is the only project aiming to bring back the Satoshi’s vision and is getting closer in doing so. On the whole, BSV appears to be a promising project and set to reach new heights in 2020.
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