Bitcoin SV experiences an impressive 102% surge in just one week, attaining its highest value in nearly two years.
Bitcoin SV has made a remarkable comeback, surpassing the $100 mark for the first time since February 2022. The surge in price, which represents a staggering 102% increase in just one week, is largely attributed to the growing interest and trading activities in the South Korean market. In particular, the Korean cryptocurrency exchange Upbit has played a significant role in driving this heightened activity around BSV. Today alone, Upbit recorded a substantial $275 million in BSV trading volume.
This price jump follows an even more impressive trading day on Boxing Day last week, where Upbit witnessed over $500 million in Bitcoin SV transactions. Interestingly, this trend is not exclusive to Upbit, as another exchange, OKX, has also experienced a significant rise in BSV trading. In fact, today’s trading volume on OKX has exceeded $47.5 million, marking a remarkable 300% increase in BSV’s trading volume within the last 24 hours.
Bitcoin SV, often referred to as Bitcoin Satoshi Vision, is a cryptocurrency that emerged from a hard fork of Bitcoin Cash in November 2018. Its main objective is to stay true to the original vision of Bitcoin as outlined by its pseudonymous creator, Satoshi Nakamoto. Advocates of Bitcoin SV emphasize its scalability, stability, and security, with the goal of making it an enterprise-level blockchain and a peer-to-peer cash system. The recent rally of Bitcoin and the possibility of the SEC approving spot ETFs have further fueled interest in BSV.
In other news, the global crypto ATM network has experienced a significant reduction of over 5,700 units in 2023. This decline is notable and raises questions about the future of crypto ATMs.
In conclusion, Bitcoin SV’s recent surge in price, driven by the South Korean market and prominent exchanges like Upbit and OKX, showcases the growing interest in this cryptocurrency. With its focus on scalability and security, Bitcoin SV aims to become a leading blockchain and cash system. As the cryptocurrency market continues to evolve, all eyes are on the SEC’s decision regarding spot ETF approval.
