{"id":129074,"date":"2020-03-27T13:30:48","date_gmt":"2020-03-27T13:30:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129074"},"modified":"2020-03-28T05:27:44","modified_gmt":"2020-03-28T05:27:44","slug":"on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future\/","title":{"rendered":"On-chain data shows Bitcoin SV network grows steadily despite an uncertain future"},"content":{"rendered":"<p>On-chain metrics reveal that the Bitcoin SV network is growing steadily. Meanwhile, its price sits on top of a significant support barrier.<\/p>\n<h2>Overcoming market challenges<\/h2>\n<p>Bitcoin SV has been in the center of controversy since it forked off <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin-cash\/\">Bitcoin Cash<\/a> in mid-November 2018. Although <a href=\"https:\/\/cryptoslate.com\/people\/craig-wright\/\">Craig Wright<\/a> and <a href=\"https:\/\/cryptoslate.com\/people\/calvin-ayre\/\">Calvin Ayre<\/a> were able to bring a significant number of businesses and developers to the BSV ecosystem, the token has rarely been profitable to mine.<\/p>\n<p>Indeed, BSV miners accumulated gross losses of $2.2 million for electricity alone last year, <a href=\"https:\/\/cryptoslate.com\/bitmex-research-bitcoin-sv-miners-have-lost-more-than-2-2-million-since-fork\/\">according<\/a> to <a href=\"https:\/\/cryptoslate.com\/companies\/bitmex\/\">BitMEX<\/a> Research. These losses were even larger once hardware depreciation, overhead, and labor were accounted for.<\/p>\n<figure id=\"attachment_101644\" aria-describedby=\"caption-attachment-101644\" style=\"width: 1061px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"lazyloaded wp-image-101644 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research.png\" alt=\"BSV mining profitability\" width=\"1061\" height=\"267\" data-lazy-srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research.png 1061w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-300x75.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-768x193.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-1024x258.png 1024w\" data-lazy-sizes=\"(max-width: 1061px) 100vw, 1061px\" data-lazy-src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research.png\" data-pagespeed-url-hash=\"2467151140\" data-was-processed=\"true\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research.png 1061w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-300x75.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-768x193.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/bitcoin-sv-bitmex-research-1024x258.png 1024w\" sizes=\"(max-width: 1061px) 100vw, 1061px\" \/><figcaption id=\"caption-attachment-101644\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/BitMEXResearch\/status\/1116837398179209216\">BitMEX Research<\/a><\/figcaption><\/figure>\n<p>Additionally, multiple crypto exchanges around the world such as <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> have <a href=\"https:\/\/cryptoslate.com\/binance-delists-bitcoin-sv-following-craig-wrights-legal-threats\/\">delisted<\/a> Bitcoin SV from their list of traded cryptocurrencies. And, other leading trading platforms including <a href=\"https:\/\/cryptoslate.com\/companies\/coinbase\/\">Coinbase<\/a> have refused to support this cryptocurrency.<\/p>\n<p>Despite the polemic surrounding Bitcoin SV, it has managed to keep a year-to-date return of nearly 170 percent and data from <a href=\"https:\/\/cryptoslate.com\/companies\/intotheblock\/\">IntoTheBlock<\/a> reveals that its network has been quite active lately.<\/p>\n<h2>Bitcoin SV network is growing<\/h2>\n<p>The machine learning and statistics modeling firm <a href=\"https:\/\/medium.com\/intotheblock\/understanding-bitcoin-sv-from-a-data-perspective-c4f466e25372\">reported<\/a> that the number 6 cryptocurrency in terms of market cap has experienced a spike in the number of transactions and volume in its network over the past week.<\/p>\n<p>Bitcoin SV averaged a total of 550,430 on-chain transactions per day. Approximately 4.42 million transactions were made in the last seven days. The on-chain volume transferred within this period of time was equivalent to $810 million, according to IntoTheBlock.<\/p>\n<figure id=\"attachment_129075\" aria-describedby=\"caption-attachment-129075\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-129075 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-1024x440.png\" alt=\"Number of BSV Transactions by IntoTheBlock\" width=\"1024\" height=\"440\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-1024x440.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-300x129.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-768x330.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-1536x660.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.37.59-2048x880.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-129075\" class=\"wp-caption-text\">Number of BSV Transactions by <a href=\"https:\/\/app.intotheblock.com\/coin\/BSV\/deep-dive?group=all&chart=all\">IntoTheBlock<\/a><\/figcaption><\/figure>\n<p>Roughly 55.45 percent of those transactions took place in the eastern hemisphere. IntoTheBlock pointed out that this is where adoption for BSV seems to be faster based on its East-West statistical model.<\/p>\n<figure id=\"attachment_129076\" aria-describedby=\"caption-attachment-129076\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-129076 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-1024x440.png\" alt=\"BSV's East vs. West by IntoTheBlock\" width=\"1024\" height=\"440\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-1024x440.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-300x129.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-768x330.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-1536x659.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.54.09-2048x879.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-129076\" class=\"wp-caption-text\">BSV's East vs. West by <a href=\"https:\/\/app.intotheblock.com\/coin\/BSV\/deep-dive?group=all&chart=all\">IntoTheBlock<\/a><\/figcaption><\/figure>\n<p>The increasing network activity that Bitcoin SV has experienced over the last few days suggests that it could be preparing for a significant price movement.<\/p>\n<p>IntoTheBlock\u2019s \u201cIn\/Out of the Money Around Current Price\u201d model estimates that Bitcoin SV is sitting on top of a major supply barrier. There are 57,000 addresses that bought over 761,000 BSV between $161 and $171, which is providing strong support.<\/p>\n<figure id=\"attachment_129077\" aria-describedby=\"caption-attachment-129077\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-129077 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-1024x364.png\" alt=\"BSV's In\/Out of the Money Around Current Price by IntoTheBlock\" width=\"1024\" height=\"364\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-1024x364.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-300x107.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-768x273.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-1536x546.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/Screenshot-2020-03-27-at-12.56.09-2048x729.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-129077\" class=\"wp-caption-text\">BSV's In\/Out of the Money Around Current Price by <a href=\"https:\/\/app.intotheblock.com\/coin\/BSV\/deep-dive?group=all&chart=all\">IntoTheBlock<\/a><\/figcaption><\/figure>\n<p>Conversely, there are 15,550 addresses holding 262,000 BSV at an average price of $173.36. This cluster of holders can be considered as a weak resistance zone in the event of a further price appreciation.<\/p>\n<h2>An uncertain future<\/h2>\n<p>While it is uncertain what the future may hold for Bitcoin SV during the ongoing global <a href=\"https:\/\/cryptoslate.com\/binance-to-raise-5-million-to-help-with-the-global-pandemic\/\">pandemic<\/a>, the team behind it continues making strides towards facilitating micropayment transactions as Lead Digital Strategist at Fundstrat, David Grider, <a href=\"https:\/\/fsinsight.com\/2020\/02\/18\/crypto-special-report-bitcoin-sv-metanet-beyond-digital-money-towards-an-on-chain-internet\/\">said<\/a>:<\/p>\n<blockquote><p>\u201cIt\u2019s still early days for cryptocurrency technology and there is little certainty around what the winning implementation will be. The BSV community is taking steps to position BSV as a scalable and robust platform with a focus on growing network adoption.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>On-chain metrics reveal that the Bitcoin SV network is growing steadily. Meanwhile, its price sits on top of a significant support barrier. Overcoming market challenges Bitcoin SV has been in the center of controversy since it forked off Bitcoin Cash in mid-November 2018. Although Craig Wright and Calvin Ayre were able to bring a significant [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":122980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On-chain data shows Bitcoin SV network grows steadily despite an uncertain future<\/title>\n<meta name=\"description\" content=\"On-chain metrics reveal that the Bitcoin SV network is growing while its price sits on top of a significant support barrier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On-chain data shows Bitcoin SV network grows steadily despite an uncertain future\" \/>\n<meta property=\"og:description\" content=\"On-chain metrics reveal that the Bitcoin SV network is growing while its price sits on top of a significant support barrier.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-27T13:30:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-28T05:27:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/bitcoin-sv-launch.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/on-chain-data-shows-bitcoin-sv-network-grows-steadily-despite-an-uncertain-future\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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