Bitcoin SV (BSV), which ranks 54th according to CoinMarketCap’s market value, has managed to increase its market value with its recent growth.
BSV price managed to rise from $ 53.07 to $ 87.91 with a gain of over 65% in the last 24 hours. The increase in price was accompanied by a transaction volume of $753.5 million and a market value of $1.7 billion.
This increase in Bitcoin SV price and transaction volume attracted attention in a short time. The reason for the rise is “Korean traders”, which has become a phenomenon for a while. BSV price increase is South Korea’s biggest cryptocurrency It can be explained by the trading volume on the exchange Upbit.
66.89% of Bitcoin SV’s transaction volume of over $503 million occurred on Upbit. While OKX exchange captured 9.13% share, BiONE remained at 7.69%.
This trend points to growing interest and trust in Bitcoin SV among South Korean traders, highlighting the country’s influential role in the crypto market.
Contrary to the bullish trend in the Korean market, Coinbase, one of the leading cryptocurrency exchanges in the USA, has taken a firm stance against BSV.
Coinbase announced earlier this year that it would completely liquidate BSV holdings on its platform if users did not withdraw their coins by January 9. Despite BSV’s recent price increase, the coin is still trading close to 82.29% lower than its all-time high in 2020, when it was one of the largest cryptocurrencies by market cap.