Bitcoin SV (BSV) Surges to 21-Month High
Bitcoin SV (BSV) experienced a significant rally, pushing its price to a 21-month high of $93.7, a level not seen since April 2022. Within the past 24 hours, BSV has surged by 66% and is currently trading at $91. This surge in price has also led to a surge in market cap, reaching $1.76 billion and making BSV the 51st-largest cryptocurrency. Additionally, the daily trading volume for BSV has increased by 617%, totaling $652 million.
Trading Volume Dominated by South Korean Exchange
Data from CoinGecko reveals that the majority of Bitcoin SV’s trading volume originates from Upbit, the leading South Korean exchange, accounting for 68% of the total volume. It is worth noting that most investors are trading BSV with the national currency of South Korea, the won.
Rise in Open Interest and Funding Rates
Santiment, a market intelligence platform, reports that BSV’s total open interest (OI) has surged by 316% within the past 24 hours, rising from $12.6 million to $52.3 million in less than two hours. However, the specific amounts held by short and long position holders remain unclear at this time. Santiment also indicates that long-position holders slightly dominate BSV’s total OI, with funding rates currently around 0.0005% across all exchanges.
RSI Indicates Possible Price Cool-Down
Despite the surge in price and open interest, an important indicator suggests that a price cool-down may be on the horizon for Bitcoin SV. According to Santiment, BSV’s Relative Strength Index (RSI) has increased from 55 to 84 within the past 24 hours.
BSV Faces Challenges Following Coinbase’s Decision
Bitcoin SV has faced difficulties in achieving significant growth since the announcement by Coinbase that it will no longer support the asset by 2024. This decision came after the BSV network experienced a 51% attack in August 2021.
Hot Take: Bitcoin SV’s Surging Price and Indicators Signal Potential Volatility
The recent surge in price for Bitcoin SV has captured the attention of investors, but caution is advised. Despite reaching a 21-month high, indicators such as the Relative Strength Index (RSI) suggest that a price cool-down could be imminent. Additionally, the decision by Coinbase to cease support for BSV adds further uncertainty to its future prospects. As with any investment, it is important to carefully evaluate the risks and potential rewards before making any decisions.
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