Bitcoin SV (BSV), currently ranked as the 54th cryptocurrency, has experienced a significant surge in its market value.
The digital currency’s price rocketed to $87.91, marking a 65% increase from its previous 24-hour range low of $53.07.
This surge is reflected in its trading volume, which reached $753.5 million and a market capitalization of $1.7 billion.
The dramatic increase in BSV’s price and trading volume has captured the attention of the cryptocurrency market.
Korean traders are behind the surge
The remarkable rise in Bitcoin SV’s price can be attributed to a significant spike in trading volume on Upbit, South Korea’s largest cryptocurrency exchange.
An overwhelming 66.89% of BSV’s trading volume, which translates to over $503 million, was concentrated on Upbit.
This figure starkly contrasts with the volumes on other exchanges like OKX and BiONE, where BSV’s trading accounted for just 9.13% and 7.69%, respectively.
This trend points to a growing interest and confidence among South Korean traders in Bitcoin SV, spotlighting the country’s influential role in the crypto market.
Coinbase draws a line with BSV
In contrast to the bullish sentiment in the Korean market, Coinbase, a major U.S. cryptocurrency exchange, has taken a firm stance against Bitcoin SV.
Coinbase announced earlier this year that it would completely liquidate any BSV holdings on its platform unless users withdraw their coins by Jan. 9.
Despite BSV’s recent price surge, the coin is still down by 82.29% from its all-time high in 2020, when it was one of the biggest cryptocurrencies by market capitalization.