Bitcoin SV (BSV) has bucked the trend of the global crypto market capitalization declines in the past week. While most major coins have slumped, BSV has gained 10% on the weekly chart and recorded a 2.47% price increase on the last day, offering a 0.57% increment in the last hour. The coin is reaching its goal of $40 and might get close to it in the near future.

BSV was originated after a controversial hard fork from Bitcoin Cash in 2018, with the idea of providing a blockchain that could grant a larger block size limit and faster transaction processing abilities. Moreover, Bitcoin SV incorporated properties of Ethereum such as native tokens, smart contracts and other features for better interoperability. Unfortunately, it failed to gain enough popularity, reaching an all-time low of $29.17 in May 2020. Nonetheless, the token has re-emerged in recent months due to a sequence of events in the Bitcoin ecosystem, most especially congestion on the Bitcoin network caused by Non-Fungible Tokens and BRC-20 tokens.

These created a dilemma in the Bitcoin community, as having more transactions with high bandwidth may lead to centralization. The proponents of Bitcoin SV believe it could be a better choice as its high transaction throughput and low fees imply and advocate for Satoshin Nakomoto's original concept of a peer-to-peer electronic money system outlined in the original Bitcoin whitepaper.

At the time of writing, Bitcoin SV has a market capitalization of $35.98 and looks poised to reach or go beyond its target goal of $40 soon. Though, BSV is likely to encounter a barrier in the region of $37-39 before succeeding to the desired point. Investors appear to be accumulating the crypto looking at the place of SMA 20 in the buying area, indicating a bullish outlook. In case of a downward trajectory, good measure of support is expected at around $32.



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