u.today
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.