Bitcoin SV Genesis Hard Fork
The Bitcoin SV network has completed the planned hard fork. The intention is that the BSV chain should be closer to the original Bitcoin protocol. The chain initially reacts with a dump on the hard fork. We look at the current situation on the crypto market.
The Genesis Upgarde
From block 620538 onwards, the BSV chain was divided into two block chains. About 25 % of the nodes remain with the old version, 75 % change. Several consensus mechanisms were modified by the Genesis update. In the future, the miners can freely determine the block size. The BSV team avoids the term upgrade and instead speaks of a restoration of the old protocol. In the past, the original Bitcoin would have undergone too many changes that would have been harmful to the network.
On the daily chart, Bitcoin SV has to show a downward trend of about 4 %. This means that the padding shrinks discreetly to the chaser Tether. However, with a market cap of just under USD 5 billion, BSV still ranks fifth in the crypto charts. The current coin price is around USD 270. Developments in the Kleiman estate trial had helped Bitcoin SV to an enormous upswing 2 weeks ago. Craig Wright had previously claimed that he was in possession of the Private Keys for the billion-dollar “Tulip Trust III”. Wright is considered one of the most polarizing people in cryptospace. For example, he claimed that he and Satoshi Nakamoto are the same person.
Bitcoin falls on Tuesday
Bitcoin is approaching the USD 9000 mark with a daily minus of about 1%. Currently the “digital gold” is at a price of approx. 9190 USD. The resistance lines in the range of 9500 USD thus put an end to the bull run, at least for the time being. It is noticeable that the Altcoins can easily expand their market share. The BTC Dominance Index falls, after a longer period of time, below the 65 % limit.
Ripple with strong performance
With a price gain of approximately 7%, Ripple is putting the best performance among the top 30 coins on the crypto floor. In the top 50, only two coins, ICON (approx. + 35 %) and Lisk (approx. + 17 %), can achieve even higher profits. Ethereum is in a consolidation phase after jumping over the 100-day line.
Tesla overtakes Bitcoin
The Tesla shares have shown a price increase of approx. 250 % in the past 3 months. This means that Elon Musk’s automobile giant is overtaking Bitcoin and is creating a sensational hype on the stock market. The share price is heading straight for the 1000 USD mark and has long since detached itself from all fundamentals. GLJ Research analyst Gordon Johnson recently christened the current Tesla hype “Bitcoin with wheels”. Indeed, there are many parallels to the Bitcoin bubble of 2017 at the moment.