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Bitcoin SV (BSV) has been ripped by nearly 60% this week amid a new futures listing on major global crypto exchange Binance.
The project, which spun out of Bitcoin Cash (BCH) in late 2018, is trading at $54.02 at the time of writing, up from $34.08 a week ago.
The 43rd-ranked crypto asset by market cap is up more than 27% in the last 24 hours alone.
On Thursday, Binance announced it was rolling out a new ‘USD-M BSV Perpetual Contract’. The contract, which was officially launched on Friday, offers up to 50x leverage and is settled in top stablecoin Tether (USDT).
Despite the price gains this week, BSV remains nearly 89% lower than the all-time high of $490 it reached in April 2021. The asset even hit its all-time low of $21.43 last June.
Bitcoin SV, a peer-to-peer electronic cash system, claims to represent the true vision of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The project was created by controversial Australian computer scientist Craig Wright, who claims to be Nakamoto himself – a claim that the majority of the crypto community rejects.
BSV’s blockchain aims to solve the efficiency issues of BTC and BCH by significantly increasing block size to reduce transaction costs.
Bitcoin Cash split from Bitcoin in August 2017.
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Featured image: Shutterstock/Quardia/Sensvector
