BSV has suddenly more than doubled, rising 76% from circa $50 to now $130 on Binance at the time of writing.
That’s above ethereum’s current price of circa $115, with BSV so overtaking eth’s price for the first time since it was created in a chain-split on November 15th.
BSV has now gained a market cap of $2 billion according to Coingeko. Making it 17% of eth’s market cap and more than half of BCH.
The reason for this price rise isn’t very clear, with trading volumes considerable at $700 million, more than double that of BCH.
There hasn’t been any announcement that stands out, but they are to hold a three days long BSV focused conference starting tomorrow, so the price action might be related to it.
The agenda looks bland, with topics like “Beer + People = Unicorns,” but Calvin Ayre of Coingeek stated last week:
“I will release the private docs I received next week at the conference once they become public. Amaury, Roger, Jihan, Jess Powell, Kraken and others named. Their life is going to get more exciting. Market manipulation and more.”
What documents he is referring to is not very clear, but Jess Powell of Kraken stated in reply to Ayre: “The merits of BSV are overshadowed by the alienating threats of a few grandiose personalities.”
BCH has become more profitable to mine than BTC, currently standing at about 16%. BTC, however, was 150% more profitable to mine than BSV at one point this Sunday, now standing at about 30%.
It isn’t very clear how this considerable discrepancy can be explained considering BSV has about 1 exahash, or 50% of BCH’s 2.3 exahash, and its price is now more than half of BCH.
It may therefore simply be because BCH may have seen a difficulty adjustment, while BSV hasn’t yet.
Generally it does appear there’s considerable normality at the protocol level, with the two coins now having in combination roughly the same hash amount of pre-split BCH.
More widely, normality has not quite yet returned for BCH as Coinbase the broker has not yet re-opened BCH buying and selling, while Coinbase the exchange did so a few days ago.
In addition, BCH’s public forums are back to shouting matches and chest pumping when previously they had finally begun talking about adoption, new tech and so on.
How long this will continue remains to be seen, but BSV is now a top ten coin from the get go. So giving miners something new to play with and giving old bitcoiners a menu of bitcoins to chose from – ranging from plain chain-split to double chain-split – all accessible with their one private key.