Bitcoin SV is Going to Zero But Viral Meme Coin Thug Life Just Raised $1.4 Million – Less Than 3 Days Left
The price of Bitcoin SV (BSV) has dropped by 1% in the past 24 hours, with its fall to $39.29 coming as the cryptocurrency market as a whole enjoys a 5.5% gain today.
This drop comes after Ripple received a positive ruling in its case with the SEC, something which has sent most altcoins much higher, but which seems to have dampened the market's appetite for Bitcoin forks such as BSV.
This means that BSV is also down by 7% in a week and by 22% in the last 12 months, with the coin at risk of falling out of favor now that investors feel more confident about buying other alts.
And it's not only major altcoins that BSV has to worry about, with a number of new presale tokens emerging in recent weeks to offer higher gains, with Thug Life Token (THUG) being one of the most promising.
BSV's chart suggests that the cryptocurrency may have further losses in store, with its relative strength index (purple) dipping from 50 to 40 in the past couple of days, indicating a loss of momentum.
The coin's 30-day moving average (yellow) is also sliding down consistently and looks as though it will soon drop below its 200-day average (blue), a move that tends to signal further substantial losses.
BSV had been performing positively in the wake of the SEC's legal actions against Binance and Coinbase, in which the regulator labeled a number of tokens – but not BSV (and other Bitcoin forks) – as securities.
However, with Ripple's case against the SEC concluding with the presiding judge concluding that XRP is not in itself a security, altcoins such as Solana, Avalance, Cardano and numerous others have rallied big.
This has taken the shine out of BSV (as well as out of Litecoin and Bitcoin Cash), and it's entirely arguable that the coin may see a consistent
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