BSV surges by 66%, achieving highest level in 21 months
Bitcoin SV (BSV) experienced a significant rally, reaching its highest level in 21 months at $93.7, a level last seen in April 2022. In the past 24 hours, BSV has surged by 66% and is currently trading at $91. The cryptocurrency’s market cap has also seen a surge, reaching $1.76 billion, making it the 51st largest cryptocurrency. Data indicates that BSV’s daily trading volume has increased by 617%, reaching $652 million.
The majority of Bitcoin SV’s trading volume can be attributed to the South Korean exchange Upbit, which accounts for 68% of the total volume. Most investors trading BSV are using the South Korean national currency, the won.
Market intelligence platform Santiment has provided data showing that BSV’s total open interest has increased by 316% in the past 24 hours, rising from $12.6 million to $52.3 million in less than two hours. However, the exact amounts of short and long position holders are not clear at this time.
Santiment also reveals that the total funding rates for BSV on all available exchanges currently stand at around 0.0005%. This suggests that long-position holders are slightly dominating BSV’s total open interest.
Despite the surge, key indicators indicate that a potential price cooldown may be on the horizon for Bitcoin SV. Santiment’s Relative Strength Index (RSI) has rallied from 55 to 84 in the past 24 hours, signaling a potential price correction. Bitcoin SV, which is a hard fork of the Bitcoin Cash blockchain, has been struggling to gain momentum since Coinbase announced its plans to stop supporting the asset by 2024. This decision came after the BSV network experienced a 51% attack in August 2021.
