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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-sv-bsv-price-hits-20-month-high-surging-66-amidst-south-korean-trading-frenzy/">Bitcoin SV (BSV) Price Hits 20-Month High, Surging 66% Amidst South Korean Trading Frenzy</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a remarkable rally, Bitcoin SV (BSV), a notable hard fork of Bitcoin Cash (BCH), has experienced a dramatic surge, reaching a new 20-month high. Over the past 24 hours, BSV’s value has skyrocketed by more than 66%, with prices hovering around $90 during the early London session on Thursday. This surge is attributed primarily to a significant increase in trading activity on South Korean exchanges, particularly Upbit.</p> 
<p>Recent crypto market data reveals that the demand for Bitcoin SV has substantially increased, with its daily trading volume escalating by over 615% to approximately $611 million. This uptick in demand and trading activity has been a key driver behind the altcoin’s recent price surge.</p> 
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   <p lang="en" dir="ltr">Bitcoin SV (BSV), a fork of Bitcoin, has risen 65% in the last 24 hours. 65% of the trading volume is concentrated on Upbit, South Korea's largest exchange, showing that Korean traders are the main driving force. Coinbase previously announced that it would stop supporting BSV on… <a href="https://t.co/11CSMrNYPg">pic.twitter.com/11CSMrNYPg</a></p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1740222377026556144?ref_src=twsrc%5Etfw">December 28, 2023</a>
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<h2 class="wp-block-heading" id="h-south-korean-influence-and-exchange-activity"><strong>South Korean Influence and Exchange Activity:</strong></h2> 
<p>The current excitement surrounding BSV can be traced back to heightened trading activity in South Korea, predominantly through the Upbit exchange. On-chain data indicates that the BSV/KRW trading pair constituted nearly 13% of Upbit’s total volume in the past day. Upbit’s BSV/KRW trade accounted for over 68% of BSV’s total daily traded volume, amounting to around $589 million. Other exchanges, including OKX, Bithumb, DigiFinex, and HTX, have followed suit, experiencing a surge in BSV transactions.</p> 
<h3 class="wp-block-heading" id="h-impact-on-miners-and-network-activity"><strong>Impact on Miners and Network Activity:</strong></h3> 
<p>As a blockchain secured by proof-of-work (PoW), Bitcoin SV miners have reaped significant benefits from this price surge. The total hash rate of the BSV network has reached approximately 740 PH/s. Notably, BSV mining is dominated by three major mining pools – task.com, qdlnk, and Mining Dutch – which collectively control 99% of the network’s hash rate.</p> 
<h3 class="wp-block-heading" id="h-technical-analysis-and-future-outlook"><strong>Technical Analysis and Future Outlook:</strong></h3> 
<p>From a technical perspective, the BSV price rally appears to be supported by crucial factors. The cryptocurrency has broken out of a head and shoulder pattern on its weekly time frame. Additionally, the Relative Strength Index (RSI) has risen above the 70 level for the first time since 2020, indicating a strong bullish momentum. This technical breakthrough comes after a 20-month consolidation period, suggesting a potential for sustained growth.</p> 
<p>This surge in Bitcoin SV’s price and trading volume, especially driven by the South Korean market, marks a significant moment in the cryptocurrency’s history. As the market reacts to these developments, investors and analysts closely monitor BSV’s performance for indications of long-term trends.</p>

Bitcoin SV (BSV) Price Hits 20-Month High, Surging 66% Amidst South Korean Trading Frenzy

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