beincrypto.com
Bitcoin SV (BSV) is trading close to its all-time low in dollar terms. Against Bitcoin, it has already reached that unfortunate accolade.
The Bitcoin spinoff known as Bitcoin SV (Satoshi’s Vision) has tanked to its lowest-ever price level.
Furthermore, BSV has been losing value against BTC since the beginning of 2020. According to Tradingview, it has declined by almost 98% against Bitcoin, from which it was spawned from a spawn (Bitcoin Cash).
The controversial crypto asset is currently trading at 0.0011 BTC per BSV, its lowest-ever level.
Is Bitcoin SV Dead?
BSV was created in late 2018 as a hard fork of Bitcoin Cash (BCH). It had a vision of becoming more technologically advanced regarding the continuation of the original Bitcoin protocol.
The fork followed clashes between rival communities over the technical specifications of the Bitcoin blockchain and its subsequent iterations.
One group was supported by entrepreneur and BTC pioneer Roger Ver and Bitmain’s Jihan Wu. They promoted a version called Bitcoin ABC (short for Adjustable Blocksize Cap). This would maintain the block size at 32 megabytes.
The contentious Craig Wright and billionaire Calvin Ayre led the second group. Their version, Bitcoin Satoshi Vision, would increase the block size limit to 128 megabytes.
BSV has had a rocky ride since its inception just over four years ago. In August 2021, the blockchain suffered a 51% attack where miners managed to gain control of more than half of the hash power. Additionally, the network was attacked again in October 2022.
In January this year, BSV was delisted from the trading platform Robinhood causing prices to slide even further.
Earlier this month, Chartered Financial Analyst, Timothy Peterson, labeled BSV as the “sh***iest of all sh**coins.”
Additionally, BSV proponent Craig Wright, who also claims to have invented Bitcoin, has been stirring trouble recently. Wright has been mulling a lawsuit against Apple following the discovery of the Bitcoin whitepaper embedded in Apple operating systems.
BSV Price Outlook
Essentially, the price outlook for BSV is not pretty. The Bitcoin Cash spinoff was trading at just under $36 at the time of writing. Its all-time low is around $32, last seen in early March.
Moreover, BSV has tanked a whopping 93% from its April 2021 all-time high of $490. It has failed to gain any traction during this year’s rally and is rapidly heading towards the designation of ‘dead coin.’