Bitcoin SV (BSV) experienced a recent surge, propelling it to a 21-month peak of $93.7, a level reminiscent of early April 2022.
In the last 24 hours, BSV has seen a remarkable 66% increase and is currently trading at $91. The cryptocurrency’s market capitalization has surged to $1.76 billion, positioning it as the 51st-largest cryptocurrency. Data indicates a substantial 617% surge in BSV’s daily trading volume, reaching $652 million.
CoinGecko data reveals that a significant portion of Bitcoin SV’s trading volume originates from the prominent South Korean exchange, Upbit, constituting 68% of the total volume. According to CoinGecko, the majority of investors are engaging in BSV trading using the South Korean won, the national currency of South Korea.
Data from the market intelligence platform Santiment reveals that Bitcoin SV’s total open interest (OI) surged by 316% in the last 24 hours, skyrocketing from $12.6 million to $52.3 million in less than two hours.
Nevertheless, the specific quantities held by short and long position holders remain unclear until further market developments.
According to Santiment, the cumulative funding rates across all available exchanges for BSV currently stand at approximately 0.0005%. This indicates a slight dominance of long-position holders in Bitcoin SV’s total open interest.
After the surge, an increasing number of investors are speculating on a further price increase, despite signals from key indicators suggesting otherwise. According to Santiment, Bitcoin SV’s Relative Strength Index (RSI) surged from 55 to 84 in the past 24 hours.
This indicator suggests that Bitcoin SV, a hard fork of the Bitcoin Cash blockchain, might be poised for a potential price cooldown in the near future.
BSV has faced challenges in achieving a significant surge following the announcement by Coinbase, a crypto exchange, to cease support for the asset by 2024. This decision was prompted by a 51% attack on the BSV network in August 2021.
