Can BSV Hold Its New 2023 Peak? Analysts Watch As Trading Volume Explodes
December 29 2023 - 8:00AM
NEWSBTC
The Bitcoin Cash (BCH) blockchain’s hard fork, BSV, has been making
record-breaking gains. With a price surge of more than 70% as of
this writing, the cryptocurrency hit $84.8, a level not seen since
April 2022. The spike may be attributed to the prevailing
optimistic market sentiment, however there are other factors at
play for Bitcoin SV. Related Reading: MATIC Blasts Off: 20% Surge
As Polygon Trading Volume Hits Records BSV’s Surge: South Korea
Dominates With this latest surge, BSV’s monthly gains have
surpassed 82%, and its trading volume has risen noticeably to over
$770 million. This rise appears to be influenced by the
persistently optimistic market sentiment in the larger
cryptocurrency market, with South Korean investors especially
playing a significant role. BSV price at $88.43. Source: Coingecko
Upbit, a well-known cryptocurrency exchange in South Korea, was
responsible for $515 million worth of BSV trades in the last day,
according to CoinGecko data. With more than 67% of the transaction
volume, it commands a huge proportion. This suggests that South
Korean investors are interested in BSV. At the time of writing,
Bithumb, another well-known cryptocurrency trading platform in
Asia, accounted for about 5% of all trades in the asset. By itself,
South Korean cryptocurrency traders accounted for more than 75% of
BSV’s entire trading volume on the previous day. BSV market cap
currently at $1.714 billion. Chart: TradingView.com In 2018, Craig
Wright initiated the creation of BSV by implementing a hard fork of
BCH, which itself had undergone a hard fork from the original BTC
chain in August 2017. Nevertheless, the asset has sparked
significant debate as its originator asserts to be the true Satoshi
Nakamoto, yet fails to provide definitive proof. BSV Surges 80%
Amidst ETF Anticipation The market’s widespread excitement around
the potential approval of a spot Bitcoin exchange-traded fund (ETF)
in the US is one factor contributing to the rising value of BSV. As
a result, throughout the last 30 days, the value of the Bitcoin
fork has increased by nearly 80%. BSV price action in the last
week. Source: Coingecko To stop illicit activity in the space,
South Korea recently made the decision to create a framework for
crypto regulations. Furthermore, a December 27 update disclosed
that the nation has mandated public officials to disclose their
cryptocurrency holdings, marking a noteworthy advancement in the
regulation of the space. Given the sense of security that comes
with operating in a regulated industry, investors may have taken
notice of these developments. Related Reading: Axie Infinity
Springs Back To Life With Surprise 35% Rally – Details Meanwhile,
BSV is still down 82.29% from its all-time high in 2020, when it
was among the largest cryptocurrencies by market capitalization,
despite the coin’s recent price increase. Often referred to as
“Satoshi’s Vision” for Bitcoin, BSV experienced a little decline in
its market value following a Coinbase statement. The top US
cryptocurrency exchange said that, as of January 9, 2024, it will
no longer support Bitcoin SV. In October of last year, BSV was the
victim of an empty block mining attack. An empty block attack
occurs when miners consciously choose to omit transactions from the
blocks they verify, slowing down the network for users in the
process. Featured image from Shutterstock
Bitcoin Cash (COIN:BCHUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bitcoin Cash (COIN:BCHUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024