If you could place a billion dollar valuation to one thing in the world, what would that be? A child’s smile, the first drop of rain post the dry summer months, or the glimmer of sunshine after a storm?
There are innumerable things worth a billion dollars, some even priceless. However, if you were to ask a crypto-enthusiast, a billion dollars might be an overvaluation for the collective ‘foe’ of the cryptocurrency community, Bitcoin Satoshi’s Vision [BSV]. BSV had a market cap of $4.2 billion at press time, but can easily drop down to zero without anyone batting an eye.
Valuation pegs the coin at the eighth spot on the coin ladder. In terms of real-world usage however, Satoshi’s Vision is running blind. Kevin Rooke, the cryptocurrency analyst, referred to the BSV network as a “ghost town,” as a comment on his recent analysis of the cryptocurrency’s transaction count, which pales in comparison to its contenders, Bitcoin Cash [BCH], Litecoin [LTC], Ethereum [ETH], and the king coin, Bitcoin [BTC].
According to the charted information, over 85 percent of the total volume for BSV on June 22, 2019 came from just 100 transactions. BSV’s 24-hour trade volume for the stated date touched $1 million as the price jumped by 9.82 percent in a few hours. In contrast to the volume movement on the back of scant transactions, Rooke compared this to the valuation of the Craig Wright and Calvin Ayre-led project which has risen by 300 percent increase over the past 45 days.
His tweet read,
86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town.
Despite that, network value is now $4.5 billion, up 300% in the last 45 days.
Totally insane. pic.twitter.com/5xS2qvNsJc
— Kevin Rooke (@kerooke) June 23, 2019
Litecoin has experienced a bullish 2019 owing to its anticipated August 2019 halving, recording around 25 percent of its June 22 volume because of 100 transactions. Ethereum, the top altcoin in the market, moved around 20 percent of its volume owing to a century of transactions, while Bitcoin Cash’s was just below the one-fifth mark.
In the king coin’s case, due to its wide usage pool and despite criticism from the fee point-of-view, only under 10 percent of the volume was because of 100 transactions. However, given the sheer volume of BTC, this figure should be of concern to the cryptocurrency community.
It should be noted here that Bitcoin SV, following the Craig Wright “bullying,” and legal row, was delisted from top cryptocurrency exchanges like Binance, Kraken and Shapeshift in late April. Many in the community opined that this could result in unchecked exchanges moving BSV around, thereby pumping its volume.
The onus for exchanges being behind this massive whale-like movement, rather that the cryptocurrency seeing user-based movement was detailed by a member of another altcoin community. @XRP_Tooch stated,
“I dont want to call you out too hard for misrepresenting the data since I’m not a BSV supporter. But this happens often when an exchange re-arranges their funds. You get a few Massive transactions. This stat is misleading without more data about the addresses and their owners.”
Martin, another Twitter user, shared his opinion on the volume -transaction-valuation question of Satoshi’s Vision,
“There were some big trades. I saw as I watch fiatleak trade by trade. But all this shows is all the little people (who always pile on at the end of a run) are not “all in” BSV yet. 85% of BTC wallets have less than 100 bucks in them. Also a BTC whale bought a chunk of BSV yest.”
Subscribe to AMBCrypto’s Newsletter