Bitcoin SV (BSV) was on a sharp upward trend for much of Wednesday. Its rise saw it rally as high as by 100% reaching its all-time high. As we reported earlier yesterday, it all began with a move of just over 20% following a minor victory in Craig Wright’s case. Craig Wright, the man behind Bitcoin SV purports to be the same person behind Bitcoin and the real Satoshi Nakamoto. He has however failed to prove this. Until now.
A court filing in the U.S. District Court of Southern Florida dated Jan 14 shows that a third party has provided the necessary keys, previously requested by the court by Feb 03, that will unlock the $9.6 billion Bitcoin trust. This is the same trust believed to hold the first-ever created Bitcoins. This development has been accredited for Bitcoin SV’s explosive surge in the last 48 hours.
Wright’s BSV Climbs To Fourth Place
BSV holders believe that Wright will finally prove he is the real Satoshi. As we reported yesterday, this could be followed by him steering Bitcoin SV towards Bitcoin or vice versa. If this is the case, we could see BSV go even more parabolical and become a market leader in the months to come.
In the last 48 hours, Bitcoin SV has rallied by nearly 100%. This has seen it climb to reach over $340. It has also seen its total market cap climb above $6 billion to make Bitcoin SV the fourth-largest cryptocurrency. By doing so, the digital asset has overtaken the cryptocurrency it was hard forked, Bitcoin Cash. But with less than $100 million between them, there is going to be a tussle between the two in the weeks to come for the fourth position.
Bitcoin SV Sparks The Altseason?
Bitcoin SV’s rally has further sparked a wider market rally. In fact, the market has been signaling the return of the altseason. A majority of cryptocurrencies have outperformed Bitcoin and its dominance has been falling. While Bitcoin has hit a rally of 8% in the last 48 hours, most altcoins have been recording double-digit gains. If the trend continues, Bitcoin will continue being outperformed and its dominance continues plummeting.
In the hours to come, we are likely to see BSV holders sober up and the asset cool down on its rally. That is unless it is for sure proven that Wright is the real Satoshi. In that case, we have not seen the end of Bitcoin SV’s rally.