Korean Traders Drive Bitcoin SV (BSV) Surge, Price Soars by 65% in 24 Hrs

Bitcoin Bitcoin SV

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

December 28, 2023 00:41 EST

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Bitcoin SV (BSV), a cryptocurrency fork of Bitcoin, has experienced a notable surge of 65% within the past 24 hours, with Upbit, South Korea’s largest exchange, emerging as the focal point for trading activity.

A significant 65% of the trading volume is concentrated on Upbit, underscoring the considerable influence of Korean traders in propelling BSV’s surge.

At the time of writing, Bitcoin SV is trading at $85.26, nearly 74% up in the last seven days and 55% in 24 hrs, as per Coingecko data.

Earlier, the largest US-based exchange Coinbase announced to discontinue support for BSV effective January 9, 2024.

Bitcoin Price Cross Above $43,000

In parallel, Bitcoin, the leading cryptocurrency, crossed the $43,000 mark once again early on Thursday, contributing to an overall market cap of $1.71 trillion.

The market’s attention is currently fixated on the imminent potential approval of a spot Bitcoin ETF, with analysts speculating that such approval could materialize in the first week of January 2024.

Among popular altcoins, including Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), positive market movements were observed.

Upbit Remains top Korean Exchange

As reported earlier, Upbit’s dominance in South Korea’s crypto exchange market has solidified, boasting an impressive 80% market share.

Other major exchanges, such as Bithumb, Coinone, and Korbit, have also made their presence felt, 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.