Bitcoin SV (BSV) crypto records surge in price and volume. What's next?

Highlights

• The BSV crypto is the native token of Bitcoin SV, and there will be a maximum of 21 million tokens in circulation.
• On Monday morning, it appeared that the Bitcoin SV (BSV) crypto was gaining investors' attention.
• As of 2 AM EST, the market cap of the BSV crypto was US$ 1.4 billion, and it is ranked 60 out of 19,212 cryptocurrencies in the world.

The cryptocurrency market is going through turbulent times, and its market cap has continuously remained below the US$ 2-trillion mark. Due to significant fluctuations in the market, a sudden rise in the price and volume of cryptocurrencies often attracts the attention of crypto enthusiasts and traders.

On Monday morning, it appeared that the Bitcoin SV (BSV) crypto was gaining investors' attention due to the rise in its price and volume. As of writing, the BSV crypto was up about three per cent to US$ 75.46 per token, and its volume was up eight per cent to US$ 187.8 million.

Despite increased volatility, the crypto market was recovering slowly on May 2 and recorded a 2.3 per cent surge in the global crypto market cap. At the time of writing, it had increased to US$ 1.76 trillion.

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The two largest cryptocurrencies worldwide, Bitcoin and Ethereum (ETH), were up 2.2% and 2.7%.

What is Bitcoin SV (BSV) crypto?

After a hard fork of the Bitcoin Cash (BCH) in 2018, the BSV crypto emerged to achieve the Bitcoin protocol and design goal. Bitcoin SV aims to offer scalability as a peer-to-peer electronic cash system and support applications based on blockchain technology.

As per the official website, the Bitcoin SV network is aligned with Bitcoin's original design and has a capacity for unbounded on-chain scaling.

The BSV crypto is the native token of Bitcoin SV, and there will be a maximum of 21 million tokens in circulation. According to CoinMarketCap data, the circulating supply of the BSV crypto is 19.04 million tokens.

As of 2 AM EST, the market cap of the BSV crypto was US$ 1.4 billion, and it is ranked 60 out of 19,212 cryptocurrencies in the world.

Almost all the major cryptocurrency exchanges have listed BSV crypto, including KuCoin, Bithumb, OKEx, and Huobi Global.

Bottom line

The price increase of the BSV crypto could be due to overall growth in the market. Also, on April 29, the Bitcoin SV network tweeted that a next-generation cybersecurity tool would be deployed on the BSV blockchain.

Despite the gain in the price and volume of the BSV crypto, it is uncertain to say what's next for the cryptocurrency. The crypto market is highly volatile and predicting the future of a cryptocurrency is almost impossible. 

Often, cryptocurrencies get investors' attention when there's some development. However, that shouldn't be the only criteria for investing in a particular virtual currency. Research and assessment of your risk capacity are essential before buying a cryptocurrency.

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