Bitcoin SV Adds 19% In One Day, Going From $256 To $305

The altcoin market was bleeding red yesterday and the altcoin news and rumors showed that the situation is like that for every coin. One of the most injured coins was BSV as it lost double-digit percentage points and fell to a new intraday low at $256.66 yesterday. Today, however, the situation has changed and Bitcoin SV adds 19% to its price, again breaching the $300 mark and now trading at $305.

As a reminder, BSV traded at $382.70 last week during its best days and this level is still far from the current price. However, adding almost 20% in one day is definitely worth a celebration for the bulls and traders who have BSV in their portfolios.

As Bitcoin SV adds 19% in one day, we can see that the latest cryptocurrencies news show nothing but gains. Today is a good day for traders and there is a lot in terms of profit taking. While yesterday the news left traders under the impression that coins could be under the risks of further bearish crackdowns, today is a different day.

Part of the reason why Bitcoin SV adds 19% after it slipped overwhelmingly yesterday can be laid in the altcoin market bust. Speaking of, this bust included many altcoins such as Ethereum, XRP, Bitcoin Cash, Litecoin and more than 5,000 other crypto assets which fell in tandem to register a $23.84 billion crash in the last three days. Bitcoin SV (BSV), for instance, lost around 24% alone against the top cryptocurrency.

This is how Bitcoin regained part of its lost dominance over the crypto market despite slipping itself by around 8% within the same timeframe. BTC’s dominance jumped from 61.3% to 63.6% in three days, showing how bad altcoins bled at the time.

“Early signs of a bullish reversal on Bitcoin Dominance. Altcoins will be destroyed if this gets back up to 68 – 70% again,” said market analyst Elixium.

Took Saturday off to get away from the charts, expecting to see a timeline full of people celebrating more altcoin swings.

Quite the opposite!

This has to be the bloodiest Sunday of 2020.

— Luke Martin (@VentureCoinist) February 16, 2020

All of these comments from analysts come as Bitcoin SV adds new percentage points to its price. Technicals aside, other catalysts also played a major role in driving the BSV prices down. There were reports about unconfirmed transactions on the Bitcoin SV blockchain which spiked dramatically, leading to its network’s mempool rising by 400 times.

Train wreck: BSV nodes connect to BCH nodes. pic.twitter.com/N1bTVtpr3t

— Ben Verret⚡ (@verretor) February 8, 2020

The low trading volumes, thin order books and other factors made BSV prone to crashing further. Still, the cryptocurrency is in a good position now and that is worth mentioning.