Bitcoin SV surged by more than 100 percent on Tuesday to hit a record high of $442, surpassing the previous all-time high of $255 reached in June 2019.
The cryptocurrency came into existence following a civil war within the bitcoin cash community back in November 2018.
The triple-digit price rise was driven by traders based in Asia, as the cryptocurrency is not listed on most Western exchanges, according to popular twitter analyst @cryptodemedici.
Further, the narrative against BSV’s number one backer Craig Wright is quite strong.
On Tuesday, Wright, who claims to be Satoshi Nakamoto (creator of bitcoin), filed a notice of compliance to the US district court of Southern California, claiming to have received the private keys to the 1.1 million bitcoins, which he mined with the late computer scientist Dave Kleiman.
Some experts believe Wright’s actions triggered the rally in bitcoin SV.
The move, however, may not last, as it is based on emotions rather than fundamentals, youtube content creator Alex Saunders noted.
BSV is reporting losses at the time of writing. The cryptocurrency is trading near $350 on Bitfinex and could slide further to sub-$300 levels.