Bitcoin’s hard fork token known as Bitcoin SV continues to rise and has surpassed $100 for the first time since February 2022.
The price spike, which is notable for having risen nearly 110% in just one week, is largely due to increased trading activity and interest in the South Korean market.
Upbit Boosts Bitcoin SV Surge: Insights
Upbit, the largest cryptocurrency exchange in South Korea, has been at the center of this increased interest in BSV. On New Year’s Day, Upbit recorded a significant $275 million in BSV trading activity.
With a total trading volume of $753.5 million, this trading frenzy has driven Bitcoin SV’s market cap to $1.7 billion.
The trend is not exclusive to Upbit, as the token’s trading volume on OKX has also increased significantly, topping $47.5 million. In the last 24 hours, BSV trading activity has increased by more than 300%.
In terms of trading volume, Bithumb, a major regional exchange, is also among the top three. Notably, Upbit and Bithumb accounted for approximately 70% of BSV’s total trading volume in the past 24 hours.
At the time of writing, Coingecko’s statistics indicate this BSV traded at $102.87, up 7.3% and 109.1% from the previous day and week, respectively.
BSV seven-day price action. Source: Coingecko
Positive indicators, including a bullish Relative Strength Index and a Moving Average Convergence Divergence, along with a trading volume increase of over 40%, support this increase.
The RSI is moving north while in overbought territory, suggesting a bullish future trajectory for BSV’s price. Although the price of Bitcoin SV appears to be accelerating, the MACD is also in the green zone, indicating buying pressure on the cryptocurrency.
The Bitcoin fork stands out as one of cryptocurrency’s biggest winners, and while resistance is encountered around the $115 level, BSV’s performance follows a broader pattern of erratic movements in the crypto market.
BSV market cap currently at $1.9 billion. Chart: TradingView.com
The Rise of Bitcoin SV Amid Regulatory Moves
In an effort to transform Bitcoin SV into an enterprise-grade blockchain and peer-to-peer payment system, proponents are emphasizing the platform’s scalability, reliability, and security. Bitcoin’s recent rise and the likelihood of the SEC approving a spot ETF are driving interest in BSV.
To combat illegal behavior, South Korea recently established a regulatory framework for cryptocurrencies. In a major step toward regulation, the nation mandated on December 28 that officials register their cryptocurrency holdings. Controlled domains provide security, which may have attracted investors to these developments.
While resistance remains near $115, BSV has outperformed the market as a whole and is now one of the biggest gainers. Depending on how investors react to its distinctive value proposition and how the larger crypto scene develops, the market’s trend could continue or slow down. Keep a close eye on BSV as it makes headway in the dynamic digital asset market.
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