Serving a strong comeback, the price of Bitcoin SV (BSV) surged by 11% within 24 hours, astonishingly making it one of today’s top-performing top-100 coins. Its uptick to $39.83 also marks a 7% weekly gain. However, a contrast arises when examining its 30-day and yearly performance, down by 23% and 3.5% respectively. Stark differences present themselves when compared to giants in crypto space like Ethereum (ETH) and Bitcoin (BTC), whose gains since the year’s start stand significantly higher.
To some, this staggering disparity dismisses any potential of BSV outperforming or even matching BTC in the foreseeable future. Factors perceived to be possibly debilitating to BSV’s growth include its co-founder Craig S. Wright’s recent loss of an appeal filed against Bitcoin podcaster Peter McCormack.
Despite this, the altcoin exhibits vigor with its technical indicators coming off strong, giving off an air that BSV might continue to rise for a day or two more. The rise in its relative strength index and the steep incline of its 30-day moving average strongly suggest that this rally could persist for some days. Considering that BSV has been undervalued and oversold for a while now, a sustained rally may not be farfetched.
However, identifying a fundamental cause for BSV’s current rally is challenging, with the only rays of optimism being its halving event, set to take place on April 1, 2023. It’s crucial to remember BSV experienced a substantial decline post its previous halving in 2020, an event that had contrastingly uplifted BTC. Acting as yet another point of concern is another recent episode, where co-founder Craig S. Wright lost his appeal to increase the nominal damages of £1 awarded to him in a libel case against Peter McCormack. There is a possibility that this occurrence might tarnish Bitcoin SV’s reputation, potentially pulling down its price.
Given the cloud of uncertainty lingering over BSV’s long-term future, some investors might incline towards exploring other altcoins for potential windfalls. Recently, presale tokens like Wall Street Memes (WSM) have caught the limelight due to their potential to rally upon listing. With its seed sown in the meme stocks movement of 2021, WSM raised over $18.8 million in its presale, indicating a vibrant community backing. Its online following which exceeds 256,000 on Twitter alone can help sustain price increases even after its listing. To engage with this token, interested enthusiasts can visit the official Wall Street Memes website and get on board at a present rate of $0.0325 for 1 WSM. Consequently, the value of WSM could potentially soar once it is enlisted to exchanges.
However, bear in mind the volatile nature of the crypto asset class. Cryptocurrency is a high-risk investment, and there is always a risk of losing all of your capital. This article serves informational purposes and does not aim to provide investment advice.
Source: Cryptonews
