A Bold Claim at Originality
A Bitcoin variant claiming to keep up with the original ideas of the creator has outperformed in the last 24 hours. Called the “Bitcoin Satoshi Vision,” it is gaining much ground and popularity despite the downturn.
The Bitcoin Satoshi Vision(BSV) has gained more than 23% adding $55.79 in a day. It, thus, ducked a 6% drop in the crypto market in the course of two sessions. In contrast, Bitcoin has dropped by 11% in 24 hours as it lost almost one-quarter of its market value since Sunday.
BSV got established from hard forking Bitcoin Cash in 2018. Bitcoin Cash itself has been established from hard forking the actual Bitcoin blockchain. “Satoshi’s Vision” was inserted into the name of the project because the backers claim the Bitcoin creator plans to maintain low transaction costs on the blockchain.
One of the biggest backers of the BSV project, Craig Wright, says he is Satoshi Nakamoto. However, Wright has not been able to prove proofs to his claim to date.
On BSV’s website, it claims the token is the original Bitcoin. It then goes ahead to ascribe more closeness to the token’s whitepaper.
Why is the BSV Rising While the Market Crashes?
The BSV token recently got listed in Japan and that seems to be responsible for its blaze through the market. It has been reported that Huobi Japan will start supporting BSV tokens from Wednesday. The move will open the token up to the Japanese crypto-economy which is very lucrative.
The possibilities of new trading might be pushing the token higher. This is because Japan has a huge crypto-using population.
Although BSV strayed away from public view almost as soon as it was launched, it has an active community. BSV is also number 43 on the list of cryptocurrencies in the market. It has a total market capitalization of $1.08 billion.
Even though the BSV token is currently outperforming, yet, it has lost more than Bitcoin lost this year. BSV is trading at 56% lower overall while BTC has incurred a loss of 51%.
Crypto Market Declines Steadily
The crypto market is undergoing one of the worse experiences in its history but BSV is outperforming. Concerns over the coming Fed rate increase this week have affected the market’s sentiment. There was a high inflation report from the Reserve in the past week.
Attention is now focused on Bitcoin and if the price will drop further. It could result in a more devastating turn for the market.