Bitcoin [BTC]: Recent patterns show that BTC falls when Bitcoin SV [BSV] pumps

2019-5-30 17:00

The current cryptocurrency market scenario has been rife with significant price movements and rank changes. The highlight of this movement has been Bitcoin’s [BTC] growth, triggering the rise of the rest of the market as well. The Craig Wright-led Bitcoin SV was the best gainer in the present surge, jumping to the 8th position on cryptocurrency charts.

Some people involved in the field of digital assets have speculated however, that Bitcoin SV’s movement is correlated to that of Bitcoin, pointing out that whenever Bitcoin SV has pumped, BTC has fallen. Taking stock of this, an analysis was conducted that compared the BTC market with the BSV market, over the past 20 days.

Between May 18 and May 23, it was noted that Bitcoin SV went up from $59.944 to $105.883, while Bitcoin fell from $8201.87 to $7626.19 during the same time period.

Source: TradingView

Another instance of this inverted correlation was spotted on May 25 when BSV pumped from $91.738 to $227.228, as a result of a massive spike that saw BSV going up by a whopping 80 percent in 24 hours. Bitcoin, on the flip side, actually slid in terms of value, breaking the bull run pattern and falling from $8733.69 to $8691.31.

Source: TradingView

Crypto enthusiasts have their own take on the matter with Alex Saunders, a board member at BlockchainAUS commenting,

“I used to avoid $XRP & $BSV for the reasons you describe. But for short term trades, if I can triple my $BTC holdings by flipping $Alts, I put my beliefs aside short term. It’s not supporting or recommending investing in these projects which is a very different thing.”

Another piece of information that can be picked out from this rise and fall in prices is that Bitcoin SV has performed remarkably well after the much-covered Binance delisting. Post its delisting that occurred on April 16, the Craig Wright-supported cryptocurrency fell by more than 20 percent. Binance’s delisting also led to other popular cryptocurrency exchanges like Shapeshift and Kraken removing Bitcoin SV from their respective platforms.

The post Bitcoin [BTC]: Recent patterns show that BTC falls when Bitcoin SV [BSV] pumps appeared first on AMBCrypto.

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bitcoin btc recent patterns market pumps show

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