Since the market rebound slows, Bitcoin SV captured some momentum and gaining some ground against the bears today, August 8. The coin has been up more than 10% since last month, an infinite advantage on the market’s hostile environment.
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Bitcoin SV is a troublesome fork of Bitcoin Money which may also be a fork of Bitcoin itself. BSV, nonetheless, has traits unique to itself, unlike its close cousins that make it more attractive to businesses.
Solving Real World Problems With On-Chain Solutions
President of the Blockchain Association Uganda Reginald Tumusiime discussed his organization’s project, the KitePesa, a stablecoin backed by the Ugandan shilling. Based on him, plenty of the countries in Subsaharan Africa have been exploring central bank digital currency (CBDC) projects as a form of currency. This institutional interest in blockchain tech and stablecoins are the facets that KitePesa will leverage for further development.
The project has its merits. The Ugandan people have been switching to digital banking which offers the similar features as traditional banks but with convenience as mobile phones turn into increasingly more prevalent. In 2023, customers of mobile money providers reached 42.9 million with the figure expected to rise within the approaching an extended time.
Source: Statista
KitePesa will leverage institutional interest to construct a reliable blockchain infrastructure that operates and functions significantly higher than traditional mobile money networks. With Uganda’s robust regulatory framework regarding payments and the technologies involved, KitePesa has regulatory backing to operate in a legal environment.
The project shall be launched on the BSV Blockchain, integrating the somewhat local project into the international market which might invest as they see potential in KitePesa.
BSV is now trading at $42.55. Chart: TradingView
Continuation Rally Might Occur At These Levels
BSV is perhaps faced with a breakthrough and is attempting to settle between $40.29 and $45.30. If the bulls are successful in taking this position, we’d see further upward movement within the approaching days and even weeks.
BSV up inside the last 24 hours. Source: Coingecko
Nonetheless, the market still has its doubts with the general market cap of the crypto market seeing a measly 0.2% gain previously 24 hours as Bitcoin and Ethereum recuperate at a snail’s pace. In private equity, indices, futures, and commodities are experiencing hiccups since the market expects more volatility ahead and after the discharge of several macro indicators.
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It’ll hamper BSV’s short term to long-term gain since the coin moves with the broader market. The current movement is a component of the outlying group of cryptocurrencies that outpaced the whole crypto market.
If BSV can stabilize on the $40.29-$45.30 price range, we’d see a continuation rally in the long term. But this move continues to be highly depending on the broader market’s movement that’s currently grinding to a halt.
Investors and traders should still treat BSV with caution because it is perhaps liable to any market swing each upward and downward.
Featured image from Pexels, chart from TradingView