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The Number Of Bitcoin SV Addresses Increase By Almost 900,000 In A Few Days - Binaryx

The Number Of Bitcoin SV Addresses Increase By Almost 900,000 In A Few Days

The developers of the Bitcoin SV cryptocurrency were credited with manipulating transactions and artificially increasing the number of users already. And, now the number of active addresses in three days has grown almost 10 times. What is it: a market bubble or unprecedented organic growth?

The number of Bitcoin SV addresses increased by 850%

Since its launch, Bitcoin SV has been heavily criticized by leading members of the crypto community. BSV, created with a hard fork of the Bitcoin Cash blockchain, has been trying to become a competitive alternative to Bitcoin since 2017. This cryptocurrency was created on the initiative of Craig Wright, who positions himself as the “father of Bitcoin” and calls himself Satoshi Nakamoto.

Bitcoin SV was in the spotlight due to an unclear surge in user activity: since September 28, the number of active BSV addresses has grown by 850% from 110 thousand to 1.05 million. This hype coincided with the opening of the CoinGeek Live conference, where the speaker’s Bitcoin SV community leaders Jimmy Nguyen and Craig Wright will be represented.  Is it coincidence?

In just three days, the number of BSV addresses has grown almost 10 times than in 3 years of the existence of the cryptocurrency. Members of the crypto community noticed that something was amiss in this activity, and were “stoned”  BSV in social networks. Some crypto enthusiasts covertly call this event “organic growth”, while others directly charge BSV creators with a large-scale scam.

Is it again speculation?

Analysts saw another inconsistency in BSV’s unprecedented “success”: BSV overtook Bitcoin and Ethereum, two of the most technically powerful cryptocurrencies, for the number of active addresses. The trading activity of BSV users also increased significantly: within 2 days the number of transactions in the Bitcoin SV network increased from 715,000 to 1.75 million. Moreover, most transactions are made in small amounts, which further aggravates the ambiguity of the situation and causes a wave of claims to the creators of BSV.

It is not the first incident associated with the so-called “surge of interest” in BSV. In June 2020, the number of transactions within the network increased to 5.5 ml, and once again the creators of BSV were charged with speculation. The excitement around the growth of transactions was short-lived, and soon the activity on the network dropped to its original level.

From technical analysis, BSV is a not bad tool, since its fluctuation amplitude is quite a stretcher, and this allows a trader to make good deals. Now, this asset is at its support line in the price range of $140-160. As evidenced by the statistics above, the activity and interest of the audience to BSV indicates further growth of this asset in the long term. This coin is well established in the market and listed on many exchanges. For investors, the price range for buying is 100-140 USD, followed by holding the asset up to 200-250 USD.