ecently, Bitcoin SV (BSV), a cryptocurrency fork of Bitcoin, experienced a remarkable surge of 65% within a mere 24 hours. This surge can be attributed to the active participation of Korean traders, particularly on the Upbit exchange, South Korea's largest exchange.
The Influence of Korean Traders on Bitcoin SV (BSV) Surge
Korean traders have long been known for their active involvement in the cryptocurrency market. Their trading activities often have a significant impact on the price movements of various cryptocurrencies. In the case of Bitcoin SV (BSV), the surge was primarily driven by Korean traders on the Upbit exchange. According to data, a staggering 65% of the trading volume during the surge was concentrated on Upbit. This highlights the substantial influence of Korean traders in propelling the surge of Bitcoin SV.
Bitcoin SV (BSV) Price Movement
At the time of writing, Bitcoin SV is trading at $85.26, which reflects a remarkable increase of nearly 74% in the last seven days and 55% in just 24 hours, as per Coingecko data. This surge has caught the attention of traders and investors worldwide, as Bitcoin SV continues to gain momentum in the market.
Coinbase's Announcement and the Impact on Bitcoin SV (BSV)
In addition to the active participation of Korean traders, another significant factor contributing to the surge of Bitcoin SV is the recent announcement by Coinbase. The largest US-based exchange announced that it will discontinue support for Bitcoin SV effective January 9, 2024. This announcement has generated a buzz in the cryptocurrency community, leading to increased interest and trading activity surrounding Bitcoin SV.
Bitcoin's Price Crosses Above $43,000
While the surge of Bitcoin SV has garnered attention, it's essential to note that Bitcoin, the leading cryptocurrency, also experienced a notable price movement. Bitcoin crossed the $43,000 mark once again, adding to its overall market cap of $1.71 trillion. This surge in Bitcoin's price further contributes to the growing excitement and optimism within the cryptocurrency market.
Upbit Dominance in the Korean Exchange Market
Upbit, South Korea's largest exchange, has solidified its dominance in the country's crypto exchange market. With an impressive 80% market share, Upbit has emerged as the go-to platform for Korean traders. Other major exchanges, such as Bithumb, Coinone, and Korbit, have also made their presence felt, albeit with varying market shares. Bithumb, the second-largest player, holds a substantial share ranging from 15% to 20%, while Coinone and Korbit maintain more modest positions at 3% to 5% and less than 1%, respectively.