Bitcoin SV [BSV] takes charge of crypto-market’s bull run; altcoins like Ethereum, XRP follow suit

In the middle of cryptocurrencies going mainstream and Craig Wright’s quest to become the “Founder” of Bitcoin, Bitcoin SV [$BSV] stole the headlines for being the best performing major coin in the cryptoverse. Bitcoin SV witnessed a massive jump of 26.37% in trading value within 2 hours, stealing Tether’s [USDT] position on CoinMarketCap. It was ranked 8th in the list of the world’s largest cryptocurrencies, according to market cap.

$BSV held a trading value of $118 on 29th May, 2019 until 8 am, a result of a week-long bearish trend. What came as a surprise was a subsequent 93.28% hike in the coin’s value. As a result, Wright’s $BSV was breaching the $225 mark, at press time.

Source: TradingView

While no particular development has been linked to the surge, many experts have speculated that the spike is driven by Wright’s decision to sell $50,000 worth BTCs and reinvest it into $BSV. However, there has been no confirmation of the same, with Dovey Wan suggesting that this may have been fake news. Previously, Wright and his entourage had also hinted that a piece of great news would be revealed, during their recent convention in Toronto.

Additionally, $BSV also surpassed Bitcoin’s 24-hour trading volume on the crypto-exchange platform, Bitfinex.

Source: CoinMarketCap

Bitfinex is currently facing accusations of fraudulent business practices, but $BSV’s bull run has turned the game in favor of the controversial Craig Wright and the questionable exchange.

On the other side of the crypto-ecosystem, Ethereum [$ETH], the top performing altcoin, also posted consistent gains in light of Bitcoin’s consolidating market. The crypto recorded 6.40% growth in its trading volume, over 24 hours. $ETH was being traded at $282.45 at pres time, with Ethereum community members coaxing the altcoin t breach the $300 mark.

Several other cryptocurrencies were also performing well in the market. XRP, Bitcoin Cash [$BCH], and Binance Coin [BNB] also witnessed tremendous growth, with $BCH leading the bull market with a 10.18% hike in trading value.

Source: CoinMarketCap

While the actual reason behind Bitcoin SV’s fantastic hike remains a mystery, the news only adds to the cryptocurrency market’s unique selling point. At the same time however, some have also raised concerns about $BSV’s growth, stating that its delisting episode made the coin easy to manipulate. Whatever the case, the fact that the crypto-market has consolidated its gains over the past two months, suggests some modicum of stability in the market.