This week has been a topsy-turvy one for Bitcoin SV [BSV], starting off with an illegal picture making its way to the coin’s network, falling out of the top-10 following the remarkable rise of Binance Coin [BNB], and its addition to the Exodus Wallet. The now eleventh-place cryptocurrency has had its highs and lows, as the market seems to recover from the mid-week slump.
Bitcoin SV is still trading in red, with the coin’s price pegged at $61.8, a 2.83 percent decline against the US dollar and poses a market cap of $1.088 billion, just over $30 million behind Binance Coin.
In terms of exchange dominance, Bit-Z took the top spot with $13.58 million or 18.15 percent of BSV trading volume in the BCHSV/BTC trading pair. Following up is IDCM and Binance with 7.4 percent and 7.05 percent in the BCHSV/USDT trading pair.
Prior to the recent mid-week bullish increase, the coin had been on a downtrend stretching from $69.41 to $61.07, and immediately post the uptrend, the coin shot down from $69.46 to $63.19. The coin shot up on February 6 from $58.99 to $69.41.
The coin’s immediate support level stands at $69.55, which the coin touched mid-week and is now trading below, while the coin’s immediate resistance stands at $58.14.
The Parabolic SAR points to a bearish swing for the coin as the dotted lines are aligned above the coin’s trend line.
The MACD line shows that the coin broke into a bullish zone at 1500 UTC on 6 February, and now correcting forces are pushing it back into the bearish zone.
The Relative Strength Index shows that after the bullish high raised the RSI to 80.92, it has been on a steady decline with the press time RSI at 44.69.
The coin has been riding a downtrend since mid-December with no respite, the downtrend as it stands stretches from $115.63 to $68.35. Prior to this downtrend, the coin enjoyed two short spurts from $58.35 to $108.36 and the next from $74.26 to $114.27.
Bitcoin SV finds immediate support at $61.98, which the coin is currently trading slightly below. The immediate resistance level of the coin stands at $67.70, which the coin fell below at the end of January.
The Bollinger Bands point to steady volatility since the beginning of January, while the Moving Average line indicates that the coin is trading in a bearish zone.
The Awesome Oscillator still pegs the eleventh-largest cryptocurrency trading below 0, however, the lines are green, indicating that bullish momentum is to take over soon.
The Fisher Transform line show that the coin has made a switch from the bears to the bulls as the Fisher Line has overtaken the Trigger Line.
Bitcoin SV enjoyed a brief but significant rise in the middle of the week which has spurred a bullish wave for the coin in the short-run as the price has risen above the support level and the market cap has not slumped below the $1 billion mark. The indicators on the one-hour chart indicate that due to market stabilization, the bears are tightening their grip on the market. However, in the long-run, as seen in the one-day chart, the volatility of the market is decreasing as the indicators point to a bullish swing.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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