In a surprising turn of events, Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has been making unprecedented gains. The cryptocurrency has seen a spike in price by over 40% at the time of writing. While the surge could be attributed to the overall positive market sentiment, there is more to the story.
While Bitcoin (BTC) has experienced a modest increase of 1.4% in the last 24 hours, altcoins are outperforming. Ethereum (ETH), the largest altcoin, has recorded a rise of more than 6% in the same period. However, the star of the show has been Bitcoin SV (BSV), which has seen an increase of up to 43% in the last 24 hours according to CoinMarketCap data.
Reaching a high of $97, BSV is currently trading at around $90, placing it among the most profitable altcoins. The BSV transaction volume has also seen a massive increase of 490% in the last 24 hours, reaching a value of over $731 million.
Bitcoin SV Soars Over 40% in 24 Hours, Rebounding from All-Time Low
The recent surge is particularly noteworthy as the cryptocurrency has rebounded significantly from its all-time low of $23.30 recorded on June 10, 2013. Since then, the BSV price has soared over 271%. In addition, the crypto has locked in impressive 1-month returns, increasing more than 120%.
Interestingly, the demand for BSV was primarily driven by South Korean traders. Data shows that 65% of BSV transaction volume was realized on Upbit, South Korea’s largest stock exchange. This suggests that South Korean investors were the main driving force behind the BSV increase.
However, it’s worth noting that Coinbase, the largest cryptocurrency exchange in the USA, previously announced that it would stop supporting BSV on January 9, 2024. It’s worth mentioning that even with the recent increase in BSV’s price, the cryptocurrency is still 82.29% lower than its peak value in 2020. At that time, it was among the largest cryptocurrencies in terms of market capitalization.
