Bitcoin SV surges with 50% jump amid broader Bitcoin forks uptrend
Bitcoin SV led CyptoRanking’s top gainers list for Dec. 28 after rallying over 50% during the past day to reach a yearly high of $95 before retreating to $89 as of press time.
This price performance continues a broadly positive week for the cryptocurrency, up 80% during the past week and 109% on the year-to-date metric. However, its price remains 81% below its all-time high of $491.64 in 2021.
South Korean traders fuel BSV rise.
The digital asset’s dramatic rise was accompanied by a 280% increase in its trading volume to more than $800 million across various trading platforms.
CyptoRanking’s analysis of the trading activity across crypto exchanges showed that South Korean traders predominantly fueled the controversial cryptocurrency’s upward trend.
Data gleaned from CoinMarketCap reveals that 71% of the BSV’s total trading volume during this period originated from UPbit, the largest crypto trading platform in South Korea.
Bithumb, another leading crypto trading platform in Asia, accounted for around 5% of the asset’s total trade during the reporting period.
This means crypto traders from South Korea alone were responsible for 76% of BSV’s total trade in the last 24 hours.
Other notable exchanges like OKX, HTX, KuCoin, and Gate.io accounted for less than 20% of its total trades during the reporting period.
In 2018, Craig Wright launched BSV by hard forking Bitcoin Cash (BCH), which had hard forked from the original BTC chain in August 2017. However, the asset has generated much controversy due to its founder’s claim that he is the real Satoshi Nakamoto without substantiating conclusive evidence.
Other BTC forks rise.
Meanwhile, BSV isn’t the sole Bitcoin fork to observe a surge in value over the past 24 hours.
CyptoRanking’s data shows that BCH’s price surged by more than 10% during the past day to a five-month high of $276 before retracing to $269.5 as of press time.
Additionally, Bitcoin Gold, another hard fork of Bitcoin, is up 17% during the reporting period to $20.
The rising values of these assets can be attributed to the general market optimism surrounding a possible approval for a spot BTC exchange-traded fund (ETF) in the United States. Due to this, BTC’s value has risen by over 40% during the past six months to $42,851.
