Bitcoin SV (BSV), the cryptocurrency that forked from Bitcoin Cash (BCH) in November 2018, has spiked by a further 31% in the last 24 hours—bringing its monthly gains to more than 110%. Bitcoin SV's price now sits just north of $214, giving it a market capitalization of $3.87 billion—its highest market cap since June 2019.

While that's still some 20% lower than the coin's all-time high of $246 last year, the coin has climbed up the market cap rankings to become the sixth-largest cryptocurrency currently in circulation. That puts it above the likes of Binance Coin (BNB), EOS and Litecoin (LTC). But why the sudden surge of interest?

Bitcoin SV
BSV
-10.31%$34.12
24H7D1M1YMAX
Created with Highcharts 10.3.3May 2412:00PMMay 2512:00PMMay 2612:00PMMay 2712:00PMMay 2812:00PMMay 2912:00PMMay 3012:00PM12:00…$33$34$35$36$37$38$39
Price data by
BSV price

It seems to be focused around Craig Wright–the currency's creator–and his fortunes in the ongoing court case around his claim to be Satoshi Nakamoto, the founder of Bitcoin. In court last week, Wright was given three weeks to prove his claim by unlocking a wallet–called the Tulip Trust–that allegedly contains some of the earliest bitcoin created.

Bitcoin SV watchers feel this is good news, and as such have rallied around the founder, and his currency. But not everyone has been so kind about Wright's plight in the courts. A recent poll by crypto figurehead Alistair Milne asked his followers if BSV's recent bullish activity is simply an "exit scam in progress."  Nearly three times as many respondents said it was than it wasn't.

All publicity is good publicity it seems.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.