The price of Bitcoin SV (BSV) has rallied by a massive 30% in the past 24 hours, reaching $55.46 on a day when the cryptocurrency market as a whole has risen by 4%.
BSV is now up by 65% in a week and by 76% in a month, with the altcoin having gained by 35% since the beginning of the year.
With the market becoming increasingly convinced that a Bitcoin ETF will be formally approved soon, BSV has been able to ride the resulting wave of momentum, with the coin making up for lost time in the past few weeks.
And if a Bitcoin ETF is accepted soon, BSV is likely to rise even further, even if it may not be the direct beneficiary of such an approval.
Bitcoin SV Price Prediction as BSV Price Skyrockets Up 30% Suddenly – Can it Overtake Bitcoin?
As far as BSV’s indicators are concerned, the altcoin is red hot at the moment, although it could certainly be argued that its rally of the past week has now peaked, and that it may be about to come down.
BSV’s relative strength index (purple) has passed 80 and is nearing 90, which in theory means that the coin is now very overbought.
At the same time, its 30-day exponential moving average (yellow) has just risen above its 200-day average (blue), indicating that a breakout is in process and may continue for one or two days yet.
It’s hard to say for how long the current rally will continue, with BSV breaking through several former resistance levels over the past week, defying previous warnings that it may have peaked.
It’s encouraging to note that its 24-hour trading volume has climbed to around $400 million in the past few days, up from barely $20 million a week ago.
This indicates a notable growth in market interest in the altcoin, although it could be cited as yet more proof that BSV is mostly making up for poor performance in previous months.
Indeed, even with its 30% gain today, BSV is only 35% up since the start of the year, suggesting that it had underperformed up until the past month.
Nonetheless, the ongoing Bitcoin ETF may continue to benefit BSV, with the market expecting an update today with regards to the ETF application filed by Grayscale, which had sued the SEC for unfairly rejecting its bid.
Specifically, a court is expected to issue a formal mandate that will require the SEC to re-review Grascale’s application, something which could bring a potential approval nearer.
As such, even though BSV looks overbought, its smaller size in relation to BCH and BTC could mean that it continues to rally hard in the event of a formal approval of an ETF.
It could reach $60 in the next few weeks, while returning to $75 by the end of December.
Big Presale Tokens For Big Rallies
Given that BSV may be close to the peak of its current rally, some traders may prefer to look towards newer tokens that may be on the cusp of potential surges.
Presale tokens are one class of coin that can rally big, particularly if they attract plenty of interest during their sales that can then be converted into big exchange listings.
Possibly the likeliest presale coin in the market to do just this is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised more than $1.8 million in only a few weeks.
The reason why Bitcoin Minetrix has been able to raise so much so quickly is that it offers something fairly unique within the cryptocurrency sector, namely the ability to mine Bitcoin (BTC) by staking its native token, BTCMTX.
Its stake-to-mine model promises to widen access to Bitcoin mining – and rewards – to thousands of holders and investors, with its innovative model largely explaining why its presale has been so successful so far.
By staking BTCMTX, users will receive tokenized mining credits in return, which they can then spend to purchase hashpower on the Bitcoin blockchain.
In turn, purchasing enough hashpower will enable users to earn actual BTC as a reward, while staking BTCMTX will also reward them with new BTCMTX on top of this.
This potential profitability has clearly helped attract investors to Bitcoin Minetrix’s presale, which new participants can join by going to the official Bitcoin Minetrix website,
BTCMTX will have a total supply of four billion, with the presale receiving 1.4 billion and having ten stages in total.
It’s currently in the second stage, with 1 BTCMTX costing $0.01110 and set to rise to $0.01190 by the final stage.
Of course, such a price could end up seeming very cheap once BTCMTX lists on exchanges in the next couple of months.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.