Bitcoin SV (BSV) Skyrockets by More Than 58% This Week Amid New Binance Perpetual Contract Listing

Bitcoin SV ($BSV) ripped by nearly 60% this week amid a new futures listing on top global crypto exchange Binance.

The project, which forked from Bitcoin Cash ($BCH) in late 2018, is trading at $54.02 at time of writing, up from $34.08 one week ago.

The 43rd-ranked crypto asset by market cap is also up more than 27% in the past 24 hours alone.

On Thursday, Binance announced it was rolling out a new “USD-M $BSV Perpetual Contract.” The contract, which officially launched on Friday, offers up to 50x leverage and settles in top stablecoin Tether (USDT).

Despite its price gains this week, $BSV remains nearly 89% down from its all-time high of $490, which it hit in April 2021. The asset actually hit its all-time low of $21.43 this past June.

Bitcoin SV, a peer-to-peer electronic cash system, claims to represent the true vision of Bitcoin’s ($BTC) pseudonymous creator Satoshi Nakamoto.

The project was created by the controversial Australian computer scientist Craig Wright, who claims to be Nakamoto himself – a claim the majority of the crypto community rejects.

$BSV’s blockchain aims to fix $BTC and $BCH’s efficiency problems by increasing block size significantly in order to reduce transaction fees.

Bitcoin Cash spun off from Bitcoin in August 2017.