Bitcoin SV: Altcoin Boasts 10% Gains As Rest Of The Market Falters – Details

Christian Encila

11 months ago

3 mins read

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As the market rebound slows, Bitcoin SV captured some momentum and gaining some ground against the bears today, August 8. The coin has been up more than 10% since last month, a huge advantage in the market’s hostile environment.

Bitcoin SV is a hard fork of Bitcoin Cash which is also a fork of Bitcoin itself. BSV, however, has traits unique to itself, unlike its close cousins that make it more attractive to businesses.

Solving Real World Problems With On-Chain Solutions

President of the Blockchain Association Uganda Reginald Tumusiime discussed his organization’s project, the KitePesa, a stablecoin backed by the Ugandan shilling. According to him, most of the countries in Subsaharan Africa have been exploring central bank digital currency (CBDC) projects as a form of currency. This institutional interest in blockchain tech and stablecoins are the factors that KitePesa will leverage for further development.

The project has its merits. The Ugandan people have been switching to digital banking which offers the same features as traditional banks but with convenience as mobile phones become more and more prevalent. In 2023, customers of mobile money providers reached 42.9 million with the figure expected to rise in the coming decades.

KitePesa will leverage institutional interest to build a reliable blockchain infrastructure that operates and functions much better than traditional mobile money networks. With Uganda’s robust regulatory framework regarding payments and the technologies involved, KitePesa has regulatory backing to operate in a legal environment.

The project will be launched on the BSV Blockchain, integrating the somewhat local project into the international market which may invest as they see potential in KitePesa.

BSV is now trading at $42.55. Chart: TradingView

Continuation Rally Might Happen At These Levels

BSV could be faced with a breakthrough and is attempting to settle between $40.29 and $45.30. If the bulls are successful in taking this position, we might see further upward movement in the coming days or weeks.

BSV up in the last 24 hours. Source: Coingecko

However, the market still has its doubts with the total market cap of the crypto market seeing a measly 0.2% gain in the past 24 hours as Bitcoin and Ethereum recover at a snail’s pace. In private equity, indices, futures, and commodities are experiencing hiccups as the market expects more volatility ahead and after the release of several macro indicators.

This will hamper BSV’s short term to long-term gain as the coin moves with the broader market. The current movement is part of the outlying group of cryptocurrencies that outpaced the whole crypto market.

If BSV can stabilize at the $40.29-$45.30 price range, we might see a continuation rally in the long term. But this move is still highly dependent on the broader market’s movement that is currently grinding to a halt.

Investors and traders should still treat BSV with caution as it can be susceptible to any market swing both upward and downward.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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