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- BSV price rose 63% in the last 24 hours.
- It is currently trading at its highest price since the beginning of the year.
Bitcoin SV (BSV) has surged a whopping 63% in the past 24 hours, reaching its highest price of the year. CoinMarketCap showed it
The rally comes nearly two months after leading cryptocurrency exchange Coinbase went live. delisting Digital assets.
Most of the price rise began two days ago, rising from $46 on December 26 to $87 at press time, the highest since January 2023.
With a price increase of 63% in the last 24 hours, BSV ranked as the highest-grossing cryptocurrency asset over that period. Aave (AAVE) followed suit with a significant gain of 23% over the same period.
AMBCrypto found that in the last 24 hours, BSV’s trading volume surged more than 600%, reaching a total of $615 million. According to data from Santiment, this represents the coin’s highest daily trading volume since June 2021.
Source: Santiment
As for where most of these trades are being executed, cryptocurrency analyst Colin Wu noted in a post on
Bitcoin SV (BSV), a fork of Bitcoin, is up 65% in the last 24 hours. 65% of trading volume is concentrated on Upbit, the largest exchange in Korea, showing that Korean traders are the main driving force. Coinbase previously announced that it would discontinue support for BSV. pic.twitter.com/11CSMrNYPg
— Wu Blockchain (@WuBlockchain) December 28, 2023
Demand rises to multi-month high
BSV’s Weighted Sentiment, which had been negative for over seven weeks, turned positive for the first time since November. At press time, the Coin’s Weighted Sentiment was pegged at 1.441, as per data from Santiment.
AMBCrypto said the price surge over the past 24 hours has pushed BSV’s key momentum indicator to multi-month highs.
These indicators observed on the 24-hour charts experienced a sharp rise as BSV traded at yearly highs. For example, the relative strength index (RSI) and money flow index (MFI) of this coin were 87.16 and 83.47, respectively.
Source: ETH/USDT on TradingView
This value indicates a significant increase in buying pressure for BSV over the past 24 hours, but also indicates that the market is overheated.
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At these peaks, buyer fatigue is common as market participants find it difficult to support further price increases.
Additionally, when asset values bounce in this manner over a short period of time, price increases often lack sustainable support. Therefore, it is best to be careful.