Several pieces of news about Bitcoin SV (BSV) may have contributed to the recent price growth.
In fact, after the collapse of the financial markets in mid-March, the price of BSV had fallen to about $108, 75% lower than the mid-January peak.
But since then the price has risen again, so much so that yesterday it rose from around $154 to over $190, and then again today to over $193 and then back to around $184.
It’s worth pointing out that it had closed 2019 below $100, while its all-time high is the $436 peak reached on January 15th, 2020.
BSV was in fact born in November 2018 from a fork of Bitcoin Cash (BCH), and was worth about $67 at the time.
The recent rise is probably not only due to the growth of the overall crypto market, as in percentage it surpassed the growth of BTC or ETH, for example.
Bitcoin has seen an increase of just over 2% in the last two days, while Ether has surpassed +4%.
Whereas the price of BSV in the last two days has grown by almost 20%, doing better than BCH, which grew by about 6%.
Notably, Bitcoin SV seems to benefit both the Spanish and South American market, where BSV seems to conquer users, developers, fans, and companies.
After all, it is in South America that there are currently some of the most worrying situations in monetary terms, for instance, Venezuela and Argentina, as well as other local currencies that are going through particularly difficult times.
In fact, Bitcoin SV (BSV), unlike Bitcoin (BTC), proposes itself to the market as a means of exchange, i.e. transactional currency for payments, and maybe that’s why it is more successful where local transactional currencies are in greater difficulty.
Furthermore, at the beginning of July, Simplex added support for BSV, thus increasing the possibilities of buying this cryptocurrency by paying in fiat currency.
At the same time, however, it must also be said that there has often been a lot of speculation on the price of BSV, which has resulted in considerable volatility, especially in this 2020.
Indeed, while until December 2019 its price had only moved significantly during the small bull-run in mid-2019, since January 2020 it has fluctuated considerably.
First, it rose by 344% in two weeks, then fell by 38% in the following three weeks, and then regained 37% in a week, before losing more than 30% again in a month.
At that point, there was the collapse of the financial markets in mid-March, which caused BSV’s price to collapse by more than 54%, before slowly recovering and gaining 40% in three and a half months. Finally, in the last two days, it recorded a further +20%.
This enormous volatility, much higher than that of BTC, certainly does not help its use as a transactional currency. Moreover, it indicates a significant speculation in the crypto markets, which in the long run could even end up being detrimental to this cryptocurrency.
Nonetheless, even Bitcoin in its early years had such pronounced volatility, so it could simply be part of the order of things.