If you could place a billion dollar valuation to one thing in the world, what would that be? A child’s smile, the first drop of rain post the dry summer months, or the glimmer of sunshine after a storm?
There are innumerable things worth a billion dollars, some even priceless. However, if you were to ask a crypto-enthusiast, a billion dollars might be an overvaluation for the collective ‘foe’ of the cryptocurrency community, Bitcoin Satoshi’s Vision [BSV]. BSV had a market cap of $4.2 billion at press time, but can easily drop down to zero without anyone batting an eye.
Valuation pegs the coin at the eighth spot on the coin ladder. In terms of real-world usage however, Satoshi’s Vision is running blind. Kevin Rooke, the cryptocurrency analyst, referred to the BSV network as a “ghost town,” as a comment on his recent analysis of the cryptocurrency’s transaction count, which pales in comparison to its contenders, Bitcoin Cash [BCH], Litecoin [LTC], Ethereum [ETH], and the king coin, Bitcoin [BTC].
According to the charted information, over 85 percent of the total volume for BSV on June 22, 2019 came from just 100 transactions. BSV’s 24-hour trade volume for the stated date touched $1 million as the price jumped by 9.82 percent in a few hours. In contrast to the volume movement on the back of scant transactions, Rooke compared this to the valuation of the Craig Wright and Calvin Ayre-led project which has risen by 300 percent increase over the past 45 days.
His tweet read,
86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town.
Despite that, network value is now $4.5 billion, up 300% in the last 45 days.