Bitcoin competitor BSV up 16% amid crypto selloff
Bitcoin SV (BSV) and bitcoin cash (BCH) are bucking the overall market trend as they register impressive gains despite an ongoing market-wide bloodbath. BSV and BCH have respectively increased by 16% and 6% at a time when most assets are facing declines.
BSV recovers from record dip
Notably, BSV has secured its position as the biggest gainer in the past 24 hours among the top 100 assets. The asset’s latest run was immediately preceded by a shocking dip in its value yesterday. BSV dropped to an all-time low (ATL) of $29.46 on May 8 but summarily staged a recovery.
BSV price 7 days | Source: CoinGecko
With its current price of $35.04%, the asset has appreciated by over 18% since dropping to the ATL. Ironically, the recent dip coincided with reports indicating that Niels V. van den Bergh, the CEO of MintBlue, believes the Bitcoin SV blockchain is superior to the Bitcoin blockchain in some applications.
The drop on May 8 marked the third consecutive day of persistent declines for the asset. Notably, this was the first time BSV recorded three consecutive intraday declines since March 10.
However, the asset looks to break this streak with the current gains registered today. BSV is currently up 18.22% today, looking to establish a firm position above $36.
The asset rallied to $36.30 before facing opposition that brought it below the $30 territory. BSV has staged another comeback, as it seeks to retest the resistance at $36.
The asset is currently changing hands at $35.56 at the time of writing. Moreover, BSV’s 24-hour trading volume has surged by 243% to $109 million.
BCH looks to reclaim early April highs
Meanwhile, BCH has continued to make similar moves, staging a recovery from a 4.31% decline witnessed yesterday. The asset dropped to $107 on May 8, its lowest value in the past two months. However, a recovery saw BCH reclaim the highs of May 5.
BCH has increased by 6.39% in the past 24 hours, making it the fourth-biggest gainer among the top 100 assets. BCH’s 24-hour trading volume has surged by 103% in the past day, currently standing at $180.9 million. This indicates an uptick in trade activity.
Bitcoin cash is currently trading for $119.48 at the time of reporting. The asset’s dream to recover the early April highs above $130 is contingent on its ability to reclaim $120 and establish a firm position above it, flipping it into support.