Reasons Behind Bitcoin SV’s (BSV) 60% Surge to Almost $100
Bitcoin SV (BSV) – a contentious fork of Bitcoin – has experienced a surge of more than 60% within the last 24 hours, propelling its price to $93.8, a level not observed since April 2022.
Although the price has subsequently stabilized around $88, this recent increase has pushed its monthly gains to 82%, leading to a notable rise in its trading volume, surpassing $770 million.
The ongoing positive market sentiment in the broader crypto market seems to be a contributing factor to this upswing, with South Korean investors notably playing a substantial role.
- According to data compiled by CoinGecko, a significant 65% of the trading volume is concentrated on Upbit, South Korea’s largest exchange, highlighting the influential role of Korean traders in driving this upward trend.
- Referred to as the “Satoshi’s Vision” version of Bitcoin, the Craig Wright coin faced a minor downturn following Coinbase’s announcement that it would discontinue support starting January 9, 2024.
- The US exchange had previously advised its users to withdraw the asset before the deadline to avoid liquidation.
- Originating from a hard fork of Bitcoin Cash in November 2018, Bitcoin SV is presently ranked as the 52nd largest digital asset, boasting a market capitalization of $1.69 billion.
- Despite its association with Satoshi’s Vision, BSV has faced challenges, including multiple instances of 51% attacks.
- A 51% attack occurs when malicious miners gain control of over 50% of a proof-of-work blockchain, enabling them to exploit block reorganization, a feature designed to resolve conflicts when two miners simultaneously mine the same block.
- More recently, BSV suffered an empty block mining attack last October. An empty block attack takes place when miners intentionally opt to exclude transactions from the blocks they validate, thereby causing a slowdown in the network for users.
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