In a remarkable rally, Bitcoin SV (BSV), a notable hard fork of Bitcoin Cash (BCH), has experienced a dramatic surge, reaching a new 20-month high. Over the past 24 hours, BSV’s value has skyrocketed by more than 66%, with prices hovering around $90 during the early London session on Thursday. This surge is attributed primarily to a significant increase in trading activity on South Korean exchanges, particularly Upbit.
Recent crypto market data reveals that the demand for Bitcoin SV has substantially increased, with its daily trading volume escalating by over 615% to approximately $611 million. This uptick in demand and trading activity has been a key driver behind the altcoin’s recent price surge.
South Korean Influence and Exchange Activity:
The current excitement surrounding BSV can be traced back to heightened trading activity in South Korea, predominantly through the Upbit exchange. On-chain data indicates that the BSV/KRW trading pair constituted nearly 13% of Upbit’s total volume in the past day. Upbit’s BSV/KRW trade accounted for over 68% of BSV’s total daily traded volume, amounting to around $589 million. Other exchanges, including OKX, Bithumb, DigiFinex, and HTX, have followed suit, experiencing a surge in BSV transactions.
Impact on Miners and Network Activity:
As a blockchain secured by proof-of-work (PoW), Bitcoin SV miners have reaped significant benefits from this price surge. The total hash rate of the BSV network has reached approximately 740 PH/s. Notably, BSV mining is dominated by three major mining pools – task.com, qdlnk, and Mining Dutch – which collectively control 99% of the network’s hash rate.
Technical Analysis and Future Outlook:
From a technical perspective, the BSV price rally appears to be supported by crucial factors. The cryptocurrency has broken out of a head and shoulder pattern on its weekly time frame. Additionally, the Relative Strength Index (RSI) has risen above the 70 level for the first time since 2020, indicating a strong bullish momentum. This technical breakthrough comes after a 20-month consolidation period, suggesting a potential for sustained growth.
This surge in Bitcoin SV’s price and trading volume, especially driven by the South Korean market, marks a significant moment in the cryptocurrency’s history. As the market reacts to these developments, investors and analysts closely monitor BSV’s performance for indications of long-term trends.