Blog

Bitcoin SV (BSV), a tough fork of the Bitcoin Cash (BCH) blockchain, has been extending unprecedented positive aspects. The crypto witnessed a spike in worth by over 65% on the time of writing. The surge might be a results of the general constructive market sentiment, nevertheless, there may be nonetheless extra to it.

South Korean Traders Fuel Bitcoin SV Demand

The Bitcoin SV worth has been propelled by its unwavering demand within the crypto area. In the final 24 hours, the BSV commerce quantity skyrocketed by a whopping 615.98%, clocking trades price over $612.40 million. However, essentially the most notable growth was that the demand was principally fuelled by South Korean merchants.

According to CoinGecko statistics, Upbit, a number one crypto alternate in South Korea, accounted for $513.81 million price of BSV trades previously 24 hours. It holds a large share of 67.25% within the commerce quantity. This implies that BSV has caught the curiosity of South Korean traders.

Recently, South Korea determined to plot a crypto regulation framework to curb unlawful actions within the area. In addition, in a December 27 replace, it was revealed that the nation made it obligatory for public officers to report their crypto belongings, making a major transfer in the direction of regulating the area. These developments may have attracted traders’ consideration since a regulated area offers a way of safety.

Also Read: South Korea Implements Crypto Asset Reporting for Public Officials

Bitcoin SV Price Today

At press time, the BSV price had spiked by 65.97% because the crypto traded at $89.32 on Thursday, December 28, 2023. Furthermore, the BSV market cap elevated by 65.73% to $1.7 billion. The digital asset attained a brand new 52-week peak after attaining a excessive of $89.50 throughout as we speak’s buying and selling session.

Moreover, the current surge is noteworthy for the reason that crypto has rebounded considerably from its all-time low of $23.30 recorded on June 10, 2013. Since then, the BSV worth has surged by over 271%. In addition, the crypto locked in spectacular 1-month returns, hovering over 120%.

However, the present worth remains to be fairly decrease than its all-time excessive achieved in 2021. The digital forex’s ATH was recorded at $491.64 in April 2021. This means that the crypto has misplaced over 82% in worth after hitting the height.

Also Read: US, Japan, South Korea Forge New Front Against Crypto Money Laundering

✓ Share:

CoinGape includes an skilled workforce of native content material writers and editors working around the clock to cowl information globally and current information as a reality fairly than an opinion. CoinGape writers and reporters contributed to this text.

The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.