Craig Wright’s Bitcoin SV now has a larger market cap than Bitcoin Cash following a substantial 327% rally to the upside.
BSV is currently the fourth-largest cryptocurrency by market cap, with each coin now worth $365 despite trading below $100 at the turn of the year.
The jaw-dropping rally comes after Craig Wright confirmed the delivery of a private key necessary to unlock an encrypted file that contains a list of his Bitcoin holdings as part of his ongoing case with the Dave Kleiman estate.
The debate surrounding the identity of Bitcoin’s creator, Satoshi Nakamoto, is still ongoing, with Craig Wright consistently claiming that he is the the man behind the veil.
However, this has often been disputed by much of the Bitcoin community, with blockchain pioneer Scott Stornetta, who is referenced throughout the Bitcoin whitepaper, refuting Wright’s claim in an interview with Coin Rivet.
From a technical perspective, Bitcoin SV is in uncharted territory, with the previous all-time high of $246 being obliterated over the past 24 hours.
This means that Bitcoin SV is currently in price discovery mode. Unless it continues to rally, it will most likely slump back towards the 0.618 fibonacci level, which is coming in at around $300.
Failing that, Bitcoin SV could test the previous all-time high to establish a level of support, although a lot will depend on what happens in the ongoing Craig Wright court case.
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