The price of Bitcoin SV (BSV) hit a new all-time high of $358. It surged by more than 100% over the last 24 hours, according to data from Coinmarketcap.com. At press time, BSV is the fifth biggest crypto by market cap after surpassing Tether.

BSV has started the new year on a good note by setting a new all-time high today. In spite of its extraordinary performance, BSV is yet to flip its rivalry fork, Bitcoin Cash (BCH). The latter was also up by more than 30% over the last 24 hours.

BSV will need to increase its current market cap by more than $400 million before it can surpass BCH. However, the fact that both coins are currently trading at almost equal prices is already a history on its own.

One analyst, @cryptodemedici, explains that the recent BSV price action was driven exclusively by Asian traders. He added that, western crypto exchanges are refusing to list the coin. The presumed existence of the third Tulip Trust might also be a key factor behind this pump, says the analyst.

$BSV pump is exclusively Asian based.



Most Western/U.S. based traders are uninvolved for two reasons:



– No western exchanges listed it

– Narrative against Craig is strong



The Tulips Trust narrative clearly playing a huge role. Won't end until February 1.



What happens next? — Lord Tulips de' Medici MD (@cryptodemedici) January 14, 2020

The BSV fork was created back in November 2018 as a result of a bitter civil war in the Bitcoin Cash community. The coin later on gained notoriety due to numerous scandals that involved its number one backer, Craig Wright, who claims to be the real Satoshi Nakamoto. The coin got delisted from several exchanges in 2019 including Binance, due to numerous legal threats from Wright.

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