The cryptocurrency linked to Craig Wright, who claims to be Satoshi, has experienced an impressive 65% price surge.
Bitcoin SV (BSV), holding the 54th position among cryptocurrencies, has undergone a notable increase in its market value.
Bitcoin SV (BSV) Witnesses 65% Surge
Bitcoin SV (BSV) has experienced a remarkable surge in its price, soaring to $87.91, marking a substantial 65% increase from its previous 24-hour range low of $53.07. This surge is not only reflected in its price but is also evident in its trading volume, which reached $753.5 million.
Additionally, BSV’s market capitalization has climbed to $1.7 billion, further attesting to the dramatic upswing in both price and trading activity. This notable surge has garnered significant attention within the cryptocurrency market.
Upbit Dominance Drives Bitcoin SV (BSV) Surge
The notable surge in Bitcoin SV’s price finds its roots in a substantial increase in trading volume, notably on Upbit, South Korea’s largest cryptocurrency exchange. An impressive 66.89% of BSV’s trading volume, equivalent to over $503 million, was concentrated on Upbit.
This dominance on Upbit stands in stark contrast to the trading volumes on other exchanges such as OKX and BiONE, where BSV’s trading accounted for a mere 9.13% and 7.69%, respectively. The significant concentration on Upbit highlights a growing interest and confidence among South Korean traders in Bitcoin SV, emphasizing the influential role that the country plays in shaping trends within the cryptocurrency market.
Divergent Views: Upbeat in Korea, Coinbase’s Stand on Bitcoin SV (BSV)
While the Korean market exhibits a bullish sentiment towards Bitcoin SV (BSV), Coinbase, a major U.S. cryptocurrency exchange, has taken a contrasting stance. Earlier this year, Coinbase declared its intention to completely liquidate any BSV holdings on its platform, with a deadline for users to withdraw their coins set for January 9.
Despite the recent surge in BSV’s price, the coin still faces a decline of 82.29% from its all-time high in 2020, when it stood among the most significant cryptocurrencies by market capitalization. This divergence in perspectives emphasizes the varied reactions and approaches within different cryptocurrency markets.
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