According to CoinGecko data , BSV (Bitcoin Satoshi Version) has increased by more than 50% in the past 24 hours, once reaching US$97.83, setting a new high this year, and was temporarily trading at US$87.88 at the time of writing. This increase has also brought the total market value of BSV to US$1.743 billion, making it the 54th largest cryptocurrency by market value.
BSV is a forked currency of Bitcoin. A brief introduction to the main forked currencies of Bitcoin is as follows:
- Bitcoin Cash (BCH): Forked from Bitcoin in 2017 due to scaling disputes, the purpose was to increase the size of each block to handle more transactions. It rose 5.3% in the past 24 hours and currently ranks 22nd in market capitalization.
- Bitcoin SV (BSV): This is another fork from Bitcoin Cash and was initiated by Satoshi Ao at the end of 2018. SV stands for Satoshi Vision and is intended to restore the original vision of Bitcoin founder Satoshi Nakamoto.
- Bitcoin Gold (BTG): This fork occurred in 2017 and was designed to democratize the Bitcoin mining process and reduce reliance on professional mining hardware. It rose 14.7% in the past 24 hours and currently ranks 164th in market capitalization.
Trading volume is mainly concentrated on Upbit
The surge in the price of BSV has also led to a significant increase in its trading volume. According to CoinGape, in the past 24 hours, BSV's trading volume surged 615.98%, with the transaction volume exceeding US$915 million. Among them, mainly due to the large investment of South Korean traders, South Korea's largest cryptocurrency exchange Upbit alone accounted for 68.44% of this trading volume, equivalent to US$626 million. This shows that BSV has generated significant interest among South Korean investors.
It is worth mentioning that major exchanges in South Korea, especially Upbit and Bithumb, are experiencing significant premiums. The price of BSV on CoinGecko is shown to be around US$88, but the prices on Upbit and Bithumb are US$92.1 and US$91.86 respectively. Overall, the current "Korean Kimchi Premium" range is about 4.3% ~ 4.7%.
"Kimchi Premium" is one of the bull market indicators that is often followed by the crypto market. It means that this token is enthusiastically sought after and may be highly volatile.
The reason behind the rise
Craig Wright, the founder behind BSV, has launched lawsuits over the years, constantly claiming that he is the "Satoshi Nakamoto" who developed Bitcoin, which led the Crypto Open Patent Alliance (COPA) to file a petition with the British High Court Filed a lawsuit, asking the court to confirm that Satoshi Aomoto is not Satoshi Nakamoto, thereby preventing his patent monopoly and maintaining the open innovation of the blockchain.
Regarding this lawsuit, some people in the market regard this as an opportunity for Satoshi Oban to prove himself. If Satoshi Oban can prove that he is "Satoshi Nakamoto", it may be beneficial to the price of BSV.
Just yesterday, a Reddit forum user posted a long post supporting Satoshi Oben, believing that he had evidence for the authorship of the Bitcoin white paper.
Looking at the details, in this Reddit tweet, the focus of the discussion is the version evolution of the LaTeX typesetting system and its relevance to Satoshi Oban in the lawsuit against COPA. The tweet points out that LaTeX templates have existed since the 1980s, with updates in 1994 and 2000, and emphasizes COPA's accusation against Satoshi that the LaTeX templates he created were made after 2012. This argument is Wrong, and has been rejected by British judges.
Therefore, the creator of this Reddit forum believes that Satoshi O's possession of the LaTeX template is evidence that he is the author of the Bitcoin white paper.
