Bitcoin SV (BSV) Witnesses Unprecedented Gains
Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has experienced a significant surge in price, increasing by over 65% at the time of writing. While the overall positive market sentiment may have contributed to this spike, there are other factors at play.
South Korean Traders Drive Demand for Bitcoin SV
The demand for Bitcoin SV has been a major driving force behind its price surge. In the past 24 hours alone, BSV trade volume has skyrocketed by an impressive 615.98%, reaching trades worth over $612.40 million. Notably, much of this demand can be attributed to South Korean traders.
According to CoinGecko statistics, Upbit, one of the leading crypto exchanges in South Korea, accounted for $513.81 million worth of BSV trades in the past day, making up 67.25% of the trade volume. This indicates a significant interest from South Korean investors in Bitcoin SV.
This increased demand could be influenced by recent regulatory developments in South Korea aimed at curbing illegal activities in the crypto domain. The country’s decision to implement a crypto regulation framework and require public officials to report their crypto assets may have provided investors with a sense of security.
Current Bitcoin SV Price and Performance
As of now, Bitcoin SV is trading at $89.32 on Thursday, December 28, 2023, marking a price increase of 65.97%. Additionally, the BSV market cap has risen by 65.73% to reach $1.7 billion. During today’s trading session, the digital asset reached a new 52-week high of $89.50.
It is worth noting that Bitcoin SV has made a significant recovery from its all-time low of $23.30 recorded on June 10, 2013. Since then, the price of BSV has surged by over 271%. In the past month alone, the crypto has seen impressive returns, soaring over 120%.
However, it is important to highlight that the current price is still considerably lower than its all-time high achieved in 2021 when Bitcoin SV reached $491.64. This means that the cryptocurrency has lost over 82% of its value since reaching its peak.
Hot Take: Bitcoin SV Surges Amidst South Korean Demand
The recent surge in the price of Bitcoin SV can be attributed to its growing demand among South Korean traders. With an increase in trade volume and a significant interest from investors in South Korea, Bitcoin SV has experienced unprecedented gains. The regulatory developments in South Korea may have contributed to this demand as they provide a sense of security for investors in the crypto domain.
By
By
By
By