Product Announcement: CoinDesk adds BSV to the Crypto-Economics Explorer
CoinDesk's Crypto-Economics Explorer aggregates data points across the industry to measure the size and opportunity of crypto markets. In addition to price and market cap, CoinDesk's explorer provides users with a comprehensive way to view the crypto-economic forces that shape an asset's market maturity, growth and potential. We've recently added a new cryptocurrency to the explorer: BSV.
Bitcoin Satoshi's Vision (BSV) was created out of the hard fork of bitcoin cash (BCH) on Nov. 15, 2018. A segment of the ecosystem wanted to increase the blocksize more quickly as well as limit potential smart contract features. The split was led by nChain Chief Scientist, Craig Wright, who is also renowned for claiming he was Satoshi Nakamoto, the original creator of bitcoin, without extensive evidence. Since its fork, it has consistently remained as a top 20 coin by market cap. It also migrated businesses and developers from BCH to its ecosystem. The coin claims to seek to emulate the proposed original vision of bitcoin by emphasizing onchain scaling as quickly as possible.
The animation shows the crypto-economic interest across five categories: price, exchange, network, social and developer across the past week of BSV activity. Price fell by 7.3 percent over the week as the price declined from $67.34 to $62.40. For comparison, BTC dropped 1.25 percent in price over the past week. BSV's market cap is also only 1.73 percent the size of BTC's.
Exchange volume didn't fluctuate that much as it dropped 0.41 percent in exchange interest from 6.10 percent to 5.69 percent. Feb. 8 saw high exchange volume of about $94 million but then dropped to a low of $59 million on Feb. 14. Just under half of the exchange volume occurs across Bit-Z, IDCM, BitMart, IDAX, and DragonEx as of Feb. 15. The trade pairs associated with that volume are either BSV / BTC and BSV / USDT, with most of the volume coming from the BTC pair. According to the crypto-economic rankings by network interest, BSV ranks 17th.
The network (onchain) activity had some interesting jumps. Starting at 2.23 percent on Feb. 8, it climbed to a high of 3.92 percent, dropped to a low of 1.73 percent, and settled at 2.61 percent. Transaction Volume started at $132 million which fell to a low of $43 million, and ended on a high of $200 million.
However, transaction counts started at about 4,400, hit a high on February 9 of 5,700, a low of 2,300 on Feb. 11, even higher on Feb. 13 with 6,400, and settled at about 5,000. These two metrics are both onchain fundamentals but can run not always in parallel from a growth perspective, considering their correlation for the past week has been 0.3. According to the crypto-economic rankings by network interest, BSV ranks 6th.
The developer activity also had an intriguing week. It started at 6.7 percent on Feb. 8 but then jumped to a high of 9.47 percent by the end. It actually surpassed a fellow bitcoin fork, BTG, on Feb. 12 reaching 9.29 percent compared to BTG's 8.55 percent. In fact, according to the crypto-economic rankings by developer interest, BSV sits right under XRP, on par with XLM, and as stated right above BTG.
According to the crypto-economic rankings by social interest, BSV ranks 20 out of the 20 cryptocurrencies currently tracked. It didn't fluctuate much from about 2 percent. BSV has the least number of sub-reddit subscribers at 812 and active ones at 9. This might indicate centralized communications within Reddit. The main BSV twitter account, @_BitcoinSV, also has about 8,000 more followers than the @btc main twitter handle for BTC.
BSV will be interesting to watch through these various categories not just from a singular gauge of its health but also for the general studying of how cryptocurrency forks evolve post-fork.
