Bitcoin SV jumps by 45% in recent 24 hours in a massive speculative pump

Bitcoin SV is the best-performing altcoin out of top-100 on Tuesday.
The price manipulations may have caused a sharp growth of value.

Tanya Abrosimova Independent Analyst

Bitcoin SV, a coin that forked from Bitcoin Cash in 2018, has gained over 44% in recent 24 hours and hit the intraday high at $246.00, which is the highest level since July 2019. The coin is the biggest winner of the day out of top-100, however, the true reason for the pump remains unknown.

Notably, in the recent four days the coin has gained over 120% and ousted Litecoin from the 6th position in the global cryptocurrency market rating compiled by CoinMarketCap.

At the time of writing, BSV/USD is changing hands at $236.00 amid strong bullish pressure and high volatility. The cryptocurrency experts tend to believe that the sharp price increase is a pure speculative development.

Sid Shekhar, the co-founder of data researcher TokenAnalyst, said in the interview with Bloomberg:

“Some folks say it is a reaction to Craig David Wright submitting more documents to the court -- but it seems like a coordinated pump more so than a genuine market reaction to positive news.”

If this is the case, the severe dump will eventually follow the pump as the only aim of this activity is to manipulate the price and benefit at the expense of other traders.