Research by cryptocurrency researchers has shown that Bitcoin SV has suffered one of its biggest plunges in October. Twitter shows that the “altcoin mention season” has drastically dropped this month, TIE reported.
The plunge even worsened after Bitcoin went below the $8,000 mark at the beginning of October. It is, however, reported that some altcoins have remained stable. Altcoins were even able to rally on some days though it did not bring too much hope.
Investors have been reminded that even though altcoins have been very promising, they need to keep in mind that the KIN token was also encouraging at some point, but currently, it is sinking to rock bottom. They should also not place too much hope on altcoins as they are still highly risky.
The big question right now on every investor's mind is whether the asset will stage a rally as it did back in 2017. Tweet volumes on this project have reduced, marking an all-time low since the highs in May. The 87 percent downhill plunge shows that social media users are not interested anymore in the assets.
After surging between June and September to an all-time high, mentions of altcoins and altseason in crypto headlines have quickly crashed to an all-time low. pic.twitter.com/UQNMytzsjd
— The TIE (@TheTIEIO) October 6, 2019
This is also seen in the price performance of the asset, which is going down. The BSV is the ninth-largest cryptocurrency, and it is saddening that it has dropped by more than 75 percent against the benchmark asset (US Dollar). The performance against the dominant cryptocurrency Bitcoin has also gone down by 76 percent, meaning that traders reserved their BSV capital and are interested in other cryptos and fiat currencies.
Tweet volumes on Bitcoin SV have hit an all-time low. Falling 87% from May highs. pic.twitter.com/Jn2hEfG6ik
— The TIE (@TheTIEIO) October 6, 2019
What Made Bitcoin SV Traders Abandon It?
The main problem that led to the massive loss is the founder of the Bitcoin SV, Wright. He lost credibility in front of his staunch followers at a Florida court. The judge mutilated the self-proclaimed Satoshi Nakamoto for lying under oath.
Judge Bruce Reinhart said that he had forged documents to launder millions worth of bitcoins, and he ordered him to return the bitcoin, which is said to have been mined during the initial stages of cryptocurrency.
