Bitcoin SV (BSV a cryptocurrency created through a hard fork of the Bitcoin Cash (BCH) blockchain, has seen active addresses and transactions on its network surge over the last few days, leading up to a BSV conference in New York.
According to BitInfoCharts data, active BSV addresses grew from 110,000 on September 28 to over 1.05 million at press time, ahead of the CoinGeek Live conference. The conference, which kicked off on September 30 and will run until October 2, is a mostly digital event that features prominent BSV community speakers, including Bitcoin Association President Jimmy Nguyen, and self-proclaimed Satoshi Nakamoto Craig Wright.
The active address growth of over 850% in such a short period of time, first spotted by Cointelegraph, has raised eyebrows on social media, with some commenting sarcastically it looks like legitimate organic growth.
Notably, with the rise BSV’s active addresses are now above those of the flagship cryptocurrency bitcoin (BTC) and the second-largest cryptocurrency by market cap Ethereum (RTH), amid a decentralized finance boom that has seen ETH transaction fees surge and the network’s utilization go past 97%.
Transactions on BSV have also more than doubled from over 715,000 to over 1.75 million in about 48 hours. The rise coincides with a decline of average transaction values, suggesting more addresses are sending smaller transactions on the network.
It’s worth pointing out the BSV blockchain has seen other unusual bursts of activity. In June its active addresses also spiked to over 1 million, while in July its transactions per day surged to 5.5 million, before dropping sharply soon after.
Featured image via Pixabay.
