The cryptocurrency market has gained significant attention in recent days, and some market enthusiasts are keeping a close eye on the industry. Meanwhile, one of the cryptocurrencies, Bitcoin SV, caught the attention of investors on Thursday, October 19, as its price surged.

Bitcoin SV is a Bitcoin fork that has seen a huge surge in price and volume, hitting a new monthly high of over $42 as of today. The Bitcoin hard fork has experienced sustained price volatility throughout the year and has remained on investors' radar, becoming one of the top gainers in today's trading.

Notably, Bitcoin SV (BSV) is the native cryptocurrency of Bitcoin Satoshi Vision, the blockchain masterminded in 2018.

What currency is BSV coin?

BSV coin is a digital currency forked from Bitcoin Cash, and its full name is Bitcoin Cash SV (Bitcoin Satoshi Vision). It was hard forked on the Bitcoin Cash network in November 2018 and proposed by the nChain team led by Australian entrepreneur Craig Wright. The goal of BSV is to restore the original design concept of Bitcoin to achieve a low-cost, high-speed, infinitely scalable blockchain transaction experience.

How to get BSV coins?

There are several ways to obtain BSV coins:

1BSV Exchange: Users can purchase BSV coins on the BSV digital currency exchange. After registering an account on the exchange, completing identity verification and depositing funds, you can use fiat currency or other digital currencies to exchange for BSV.

Mining K: Like Bitcoin, BSV coins can also be obtained by mining K. Mining K is by using the processing power of a computer to verify and record transactions on the BSV network and generate new BSV coins as rewards. Mining K requires high computing power and specialized hardware equipment.

Accept as payment: Users can accept BSV as payment for goods or services. If a merchant or individual is willing to use BSV for payment, the user can provide the wallet address and let the other party send BSV coins directly to them.

Airdrops and forks: Sometimes, digital currency projects will use airdrops or forks to distribute new digital currencies to existing currency holders. When users hold Bitcoin Cash, they can sometimes obtain a corresponding number of BSV coins in fork activities.

Perform tasks and receive rewards: Some projects will launch tasks and activities, and users can participate and complete tasks to obtain BSV rewards. This may include social media promotion, content creation, and more.

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Bitcoin SV hits new monthly high

As of September 2023, the price of Bitcoin SV briefly moved sideways, trading in a range from $30.65 to $32.53. However, in early October 2023, BitcoinSV gained significant traction and witnessed a significant price surge, reaching nearly $42. The coin then gained bullish momentum, breaking multiple resistance levels and surging from $32 in September to $43 in early October.

Shortly after the price surge in October, the coin lost momentum again and plummeted to a new low of $32.32. Furthermore, the coin is once again trading within a comprehensive range of $32.46 to $33.79, implying investor objectivity and neutrality.

However, at the time of writing, Bitcoin SV price is trading at $42.99, up 7.32% in the past 24 hours. On the other hand, the cryptocurrency’s single-day trading volume and market capitalization surged by 37.09% and 7.30% to $201.41 million and $828.18 million, respectively.

Notably, the recent surge has seen its price increase by more than 35% in the past 30 days.

Cryptocurrency prices fluctuate after SEC decision

After early October, news broke that the SEC had approved the iShares spot ETF application. In response to this breakout announcement, Bitcoin SV’s price regained momentum to retest its overhead resistance. Although the coin quickly gained traction again, the price was rejected at $41.52 as the news turned out to be fake.

Meanwhile, the recent surge in prices in the crypto space has been driven largely by optimism that the U.S. Securities and Exchange Commission may approve a Bitcoin ETF. This sentiment was reinforced when the cryptocurrency community faced backlash when the SEC chose not to appeal Grayscale’s lawsuit.

The continued price volatility surrounding cryptocurrencies has made the market in the crypto space quite uncertain. Although the overall market is declining, some cryptocurrencies, such as Bitcoin SV or Bitcoin, may still be beneficial.

Meanwhile, experts say the recent rise in Bitcoin SV price could be due to growing optimism over the approval of a Bitcoin spot ETF and Bitcoin’s (BTC) much-anticipated rally.

What is the future of the Bitcoin SV coin?

Some Bitcoin SV supporters believe that Satoshi Nakamoto’s vision was perfect and therefore any cryptocurrency that maintains the original features and characteristics of Satoshi Nakamoto’s original Bitcoin is destined to succeed.

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