Bitcoin SV (BSV), the Bitcoin hard fork token, is experiencing a significant surge, surpassing $100 for the first time since February 2022.
This remarkable price increase, accounting for nearly 110% in just one week, can be attributed to increased trading activity and growing interest in the South Korean market.
The increased trading activity and interest in the South Korean market have been the driving forces behind BSV’s recent surge.
Upbit, South Korea’s largest crypto exchange, has been instrumental in this upward trend. Upbit saw a significant $275 million in BSV trading activity on New Year’s Day, contributing significantly to the token’s recent price rally.
The overall trading volume of BSV has increased dramatically, reaching $753.5 million. This surge in trading activity has increased the market capitalization of Bitcoin SV to an impressive $1.7 billion.
Beyond Upbit, OKX has seen a significant increase in BSV trading volume, surpassing $47.5 million in the last 24 hours and indicating a 300% increase.
Two prominent South Korean exchanges, Upbit and Bithumb, have emerged as key players in BSV’s recent trading frenzy. In the last 24 hours, these exchanges accounted for roughly 70% of BSV’s total trading volume.
According to the most recent CoinMarketCap data, Bitcoin SV is currently trading at $102, representing a 7.3% increase in the last 24 hours and a whopping 109.1% increase over the previous week.
These figures demonstrate the volatile nature of the crypto market and the impact of regional trading trends on token valuations.
