Why Bitcoin SV continues to rise today

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What happened

In the current cryptocurrency market, most tokens are down drastically alongside equities as concerns over tight monetary policy continuing longer than expected affect risky assets. However, not all tokens are seeing steep declines today. Bitcoin SV (BSV 3.12%) was in the green today and surged all week. This crypto posted 24-hour gains of 1.8% as of 2:00 PM EST, and it is up over 7% for the week.

The increase comes amid reports that a Bitcoin SV-powered social platform, Boardz, has launched. Boardz is the latest app built on top of this blockchain, allowing users to chat and earn BSV tokens. Early participation was encouraged by a Rewardz scheme, which reportedly allowed over 80 BSV to be used to tip users for their posts.

So what

Bitcoin SV is intriguing because it is a fork of the Bitcoin Cash blockchain (BCH -0.05%), which itself is a fork of the original Bitcoin blockchain (BTC -1.70%). Bitcoin SV aims to provide improved scalability and stability while providing a platform for building enterprise-level applications, sparking interest in the bull case around Bitcoin-based applications.

Thus, the announcement of the launch of this online discussion forum is notable. Some users have compared this network to Reddit or GameFAQs. As a result, the stereotypical crypto crowd is taking an interest in this potential crypto-focused social media platform.

Now what

Early rewards programs are likely to stoke investor interest in all things Bitcoin SV, at least for a short time. We will have to see if this rally has legs. After all, most tokens in the market remain in a downtrend as risk sentiment sets in.

But the idea of ​​incentivizing content in a way that appeals to a target market is compelling. Crypto investors looking for real-world utility clearly like what they see with this launch. What impact this application will have on the success of Bitcoin SV remains to be seen, as adoption of this blockchain continues to accelerate in various markets.

That said, this is a crypto that I have put on my watchlist, given the initial interest seen with this app.

Chris MacDonald has no position in the stocks mentioned. The Motley Fool has positions and recommends Bitcoin. The Motley Fool has a disclosure policy.

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