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Bitcoin SV (BSV), a hard fork of the <a href="https://coingape.com/glossary/bitcoin-cashbch/" target="_blank" rel="noopener">Bitcoin Cash (BCH)</a> blockchain, has been extending unprecedented gains. The crypto witnessed a spike in price by over 65% at the time of writing. The surge could be a result of the overall positive market sentiment, however, there is still more to it. 
<h2 id="south-korean-traders-fuel-bitcoin-sv-demand">South Korean Traders Fuel Bitcoin SV Demand</h2> 
The Bitcoin SV price has been propelled by its unwavering demand in the crypto space. In the last 24 hours, the BSV trade volume skyrocketed by a whopping 615.98%, clocking trades worth over $612.40 million. However, the most notable development was that the demand was mostly fuelled by South Korean traders. 
According to <a href="https://www.coingecko.com/en/coins/bitcoin-sv#markets" target="_blank" rel="noopener">CoinGecko</a> statistics, Upbit, a leading crypto exchange in South Korea, accounted for $513.81 million worth of BSV trades in the past 24 hours. It holds a massive share of 67.25% in the trade volume. This implies that BSV has caught the interest of South Korean investors. 
Recently, South Korea decided to devise a crypto regulation framework to curb illegal activities in the domain. In addition, in a December 27 update, it was revealed that the country made it compulsory for public officials to report their crypto assets, making a significant move towards regulating the domain. These developments could have attracted investors’ attention since a regulated domain provides a sense of security. 
Also Read: <a href="https://coingape.com/south-korea-implements-crypto-asset-reporting-for-public-officials/" target="_blank" rel="noopener">South Korea Implements Crypto Asset Reporting for Public Officials</a> 
<h2 id="bitcoin-sv-price-today">Bitcoin SV Price Today</h2> 
At press time, the <a href="https://coingape.com/price/bitcoin-sv/" target="_blank" rel="noopener">BSV price</a> had spiked by 65.97% as the crypto traded at $89.32 on Thursday, December 28, 2023. Furthermore, the BSV market cap increased by 65.73% to $1.7 billion. The digital asset attained a new 52-week peak after attaining a high of $89.50 during today’s trading session. 
Moreover, the recent surge is noteworthy since the crypto has rebounded significantly from its all-time low of $23.30 recorded on June 10, 2013. Since then, the BSV price has surged by over 271%. In addition, the crypto locked in impressive 1-month returns, soaring over 120%. 
However, the current price is still quite lower than its all-time high achieved in 2021. The digital currency’s ATH was recorded at $491.64 in April 2021. This suggests that the crypto has lost over 82% in value after hitting the peak. 
Also Read: <a href="https://coingape.com/us-japan-south-korea-forge-new-front-against-crypto-money-laundering/" target="_blank" rel="noopener">US, Japan, South Korea Forge New Front Against Crypto Money Laundering</a> 
The post <a href="https://coingape.com/why-is-bitcoin-sv-bsv-price-soaring-today/">Why Is Bitcoin SV (BSV) Price Soaring Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why Is Bitcoin SV (BSV) Price Soaring Today?

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