In the case of Bitcoin SV's most recent spike of value (21%), analysts have been at a loss to pinpoint the reason behind the recent surge in the cryptocurrency's popularity. Based on an analysis on the value fluctuations, Bitcoin SV added close to $60 million in market capitalisation in just two days.
Gambling-targeted Bitcoin SV is not the only currency to see a bump but did see the most significant. Other currencies have rallied, pushing their market capitalisations with a range of 2-15%. Winners included XRP, Bitcoin Cash, EOS and Ethereum.
Stablecoins naturally didn't budge as their value is calculated in another way altogether. Gambling altcoins, such as FUN and WGR, similarly didn't notice any changes in their own price, as these tokens are much more reliant on internal developments rather than sudden market repercussions, although there is still a significant connection.
Some have suggested that thin liquidity has sent the value of the Bitcoin SV up, but this is yet to be confirmed. The bitcoin fork has been embraced by people such as casino mogul Calvin Ayre, who believes that it's the cryptocurrency of the future.
History is full of examples where whales such as Mr. Ayre support a cryptocurrency that hasn’t turned out quite as successful as their ambitions. A recent report stipulated that Bitcoin's value would reach close to $400,000 in just a decade, likely also farfetched.
John McAfee, a firebrand millionaire, once said that Bitcoin would be worth $1 million, but he denounced that claim. Whatever the value of these tokens ends up being, there is plenty of opportunity to place bets and gamble with bitcoin.