Bitcoin SV (BSV) Captured Momentum and Gained Some Floor Towards the Bears

Because the market rebound slows, Bitcoin SV captured some momentum and gaining some floor towards the bears at present, August 8. The coin has been up extra

As the market rebound slows, Bitcoin SV (BSV) has gained some momentum and is putting up a fight against the bears at the moment, August 8. The coin is up more than 10% from last month, a huge gain in the market’s hostile environment.

BSV is a hard fork of Bitcoin Cash (BCH) which is a fork of Bitcoin (BTC) itself. However, BSV has unique characteristics that set it apart from its close cousins and make it more appealing to businesses.

Fixing Real World Issues With On-Chain Solutions

The president of the Blockchain Association Uganda, Reginald Tumusiime, spoke about his organization’s project, the KitePesa, a stablecoin that is backed by the Ugandan shilling. According to him, most of the nations in Subsaharan Africa have been exploring central bank digital currency (CBDC) projects as a form of currency. This institutional interest in blockchain technology and stablecoins is what KitePesa will leverage for further growth.

The project has its merits. The Ugandan people have been shifting towards digital banking which offers the same services as traditional banks but with the convenience of mobile phones that are becoming increasingly prevalent. In 2023, the customers of mobile money providers reached 42.9 million with the number expected to increase in the coming years.

KitePesa will use institutional interest to build a sound blockchain infrastructure that operates and functions far better than traditional mobile money networks. And with Uganda’s strong regulatory framework for payments and the technologies involved, KitePesa has the regulatory backing to operate in a legal environment.

The project will be launched on the BSV Blockchain, integrating the largely local project into the global market that will be able to invest as they see fit in KitePesa.

Continuation Rally May Occur At These Levels

Now, BSV could be facing a breakout and is trying to settle between the range of $40.29 and $45.30. If the bulls are able to hold this ground, then we could see further upward movement in the coming days or even weeks.

However, the market is still having second thoughts as the total market cap of the crypto market saw a meager 0.2% gain in the past 24 hours as Bitcoin and ETH recover at a snail’s pace. In private equity, the indices, futures, and commodities experienced hiccups as the market anticipates more volatility in the lead-up and after several macro indicators drop.

This will hamper BSV’s short-term to long-term gains as the coin does move with the broader market. The current price action is part of the outlying group of cryptocurrencies that outpaced the total crypto market.

If BSV is able to stabilize in the $40.29 to $45.30 price range, then we could see a continuation rally in the long run. But this move is still heavily dependent on the broader market that is currently slowing to a crawl.

Traders and investors should still approach BSV with caution as it could be susceptible to any market swings both upwards and downwards.