As Bitcoin [BTC] prepares to breach $9,000 mark, altcoins seem to be making the most of the BTC-less bullish swing. Led by Bitcoin SV [BSV], several altcoins in the market posted small to major gains in the coin market.
The Craig Wright, Calvin Ayre-spearheaded project recorded a 21.06 percent price rise over the past 24 hours, placing it on the 8th spot on cryptocurrency charts. BSV was the highest gainer in the month of May, amassing a massive 240 percent price pump in thirty days.
Bitcoin SV’s price surge began on May 29, when the coin was trading at $121.25 and saw a massive 101.4 percent gain to reach $244. The subsequent correction dropped the price by 26.21 percent to $180. BSV was sluggish at the aforementioned mark till June 1, prior to the recent price increase. Beginning at $190, BSV saw its price shoot up to $227 in a matter of 4 hours by 0230 UTC on June 3. The press time price of the coin stood at $224.62, still over $20 off its highest price in the past month.
The market cap of the coin rose by $2 billion and at press time, the BSV project had a market cap of $4.01 billion. Upbit took the top-spot for BSV trading volume, accounting for 10.5 percent of the global volume in the trading pair BSV/KRW. Other notable exchanges included OKEx, Coinbene and Digifinex. However, in terms of “real” volume, Bitfinex took the top spot with 1.44 percent volume in the trading pair BSV/USD.
It should be noted that the larger crypto-community does not pay much attention to BSV’s price rise as the coin’s fundamentals, in terms of its active daily addresses, transaction count and median transaction value, look bleak compared to its forks, Bitcoin [BTC] and Bitcoin Cash [BCH] . Additionally, BSV has been delisted by several top exchanges, allowing smaller exchanges to be able to pump the coin’s price, claimed many analysts.
XRP, the second largest altcoin in the market, also portrayed a notable rise, gaining 4.75 percent in price against the US dollar over the past 24 hours. After reaching $0.469, XRP dropped to $0.415 due to correction and this recent price pump saw the coin gain by 10.36 percent, reaching $0.458. Since June began, XRP’s market cap increased by over $1.3 billion, trailing Ethereum [ETH] by over $9.5 billion.
Ethereum Classic [ETC] also ranks among the highest gainers in the market, with the hardfork surging by 6.43 percent, with a price of $9.41. Over the past few days, the cryptocurrency’s price rose by 12.69 percent. On the back of this significant rise, ETC saw its market cap break $1 billion and reach $1.04 billion, at press time.
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