Bitcoin SV (BSV), a hard fork of the Bitcoin Cash (BCH) blockchain, has been extending unprecedented gains. The crypto witnessed a spike in price by over 65% at the time of writing. The surge could be a result of the overall positive market sentiment, however, there is still more to it.

South Korean Traders Fuel Bitcoin SV Demand

The Bitcoin SV price has been propelled by its unwavering demand in the crypto space. In the last 24 hours, the BSV trade volume skyrocketed by a whopping 615.98%, clocking trades worth over $612.40 million. However, the most notable development was that the demand was mostly fuelled by South Korean traders.

According to CoinGecko statistics, Upbit, a leading crypto exchange in South Korea, accounted for $513.81 million worth of BSV trades in the past 24 hours. It holds a massive share of 67.25% in the trade volume. This implies that BSV has caught the interest of South Korean investors.

Recently, South Korea decided to devise a crypto regulation framework to curb illegal activities in the domain. In addition, in a December 27 update, it was revealed that the country made it compulsory for public officials to report their crypto assets, making a significant move towards regulating the domain. These developments could have attracted investors’ attention since a regulated domain provides a sense of security.

Also Read: South Korea Implements Crypto Asset Reporting for Public Officials

Bitcoin SV Price Today

At press time, the BSV price had spiked by 65.97% as the crypto traded at $89.32 on Thursday, December 28, 2023. Furthermore, the BSV market cap increased by 65.73% to $1.7 billion. The digital asset attained a new 52-week peak after attaining a high of $89.50 during today’s trading session.

Moreover, the recent surge is noteworthy since the crypto has rebounded significantly from its all-time low of $23.30 recorded on June 10, 2013. Since then, the BSV price has surged by over 271%. In addition, the crypto locked in impressive 1-month returns, soaring over 120%.

However, the current price is still quite lower than its all-time high achieved in 2021. The digital currency’s ATH was recorded at $491.64 in April 2021. This suggests that the crypto has lost over 82% in value after hitting the peak.

Also Read: US, Japan, South Korea Forge New Front Against Crypto Money Laundering

The post Why Is Bitcoin SV (BSV) Price Soaring Today? appeared first on CoinGape.

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Filed under: News - @ December 28, 2023 7:26 am