Bitcoin SV surges with 50% jump amid broader Bitcoin forks uptrend News ▸ South Korea ▸ Bitcoin · Bitcoin Cash ▸ Analysis
Bitcoin SV surges with 50% jump amid broader Bitcoin forks uptrend
South Korean traders drove Bitcoin SV's price charge to reach YTD high.
2 min read
Updated: Dec. 28, 2023 at 3:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin SV led CryptoSlate’s top gainers list for Dec. 28 after rallying over 50% during the past day to reach a yearly high of $95 before retreating to $89 as of press time.
This price performance continues a broadly positive week for the cryptocurrency, up 80% during the past week and 109% on the year-to-date metric. However, its price remains 81% below its all-time high of $491.64 in 2021.
South Korean traders fuel BSV rise.
The digital asset’s dramatic rise was accompanied by a 280% increase in its trading volume to more than $800 million across various trading platforms.
CryptoSlate’s analysis of the trading activity across crypto exchanges showed that South Korean traders predominantly fueled the controversial cryptocurrency’s upward trend.
Data gleaned from CoinMarketCap reveals that 71% of the BSV’s total trading volume during this period originated from UPbit, the largest crypto trading platform in South Korea.
Bithumb, another leading crypto trading platform in Asia, accounted for around 5% of the asset’s total trade during the reporting period.
This means crypto traders from South Korea alone were responsible for 76% of BSV’s total trade in the last 24 hours.
Other notable exchanges like OKX, HTX, KuCoin, and Gate.io accounted for less than 20% of its total trades during the reporting period.
In 2018, Craig Wright launched BSV by hard forking Bitcoin Cash (BCH), which had hard forked from the original BTC chain in August 2017. However, the asset has generated much controversy due to its founder’s claim that he is the real Satoshi Nakamoto without substantiating conclusive evidence.
Other BTC forks rise.
Meanwhile, BSV isn’t the sole Bitcoin fork to observe a surge in value over the past 24 hours.
CryptoSlate’s data shows that BCH’s price surged by more than 10% during the past day to a five-month high of $276 before retracing to $269.5 as of press time.
Additionally, Bitcoin Gold, another hard fork of Bitcoin, is up 17% during the reporting period to $20.
The rising values of these assets can be attributed to the general market optimism surrounding a possible approval for a spot BTC exchange-traded fund (ETF) in the United States. Due to this, BTC’s value has risen by over 40% during the past six months to $42,851.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin Cash
$452.981
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Bitcoin SV
$55.6162
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin Gold
$17.4472
Bitcoin Gold is a community-activated hard fork of Bitcoin to make mining decentralized again..
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.