Bitcoin SV Rockets 63% in 24 Hours, Achieves Year-to-Date High

• Bitcoin SV makes an incredible surge from $46 to $84 in just two days after surging by 63% in 24 hours.

• According to market data, the asset has recorded a positive market sentiment for the first time since November. 

Bitcoin SV makes a dramatic entry into the list of crypto assets with the most gains in December 2023 with a 63% surge in just 24 hours. As of press time, the asset was trading at $84.88. This comes as a huge surprise as the Bitcoin rival was trading at $46 just two days ago. The meteoric surge sends its three-month gains to 167.67% with a bullish sentiment score of 76/100.

Two months ago, Coinbase announced that it had delisted Bitcoin SV. According to them, all Bitcoin SV holdings would be liquidated from January 9, 2024, and converted to supported assets on the platform. 

After the sunset date, all BSV funds in your Coinbase account will be liquidated and converted to the then-equivalent market value of another supported digital asset and credited back to your account, less transaction costs. BSV is not available for trading and BSV deposits are not enabled. Any BSV funds sent/deposited to Coinbase wallets may result in loss of funds.

Interestingly, Bitcoin SV reacted with the most gains in the period under review pending the Coinbase’s deadline for liquidation. Its trading volume is also reported to have reached $615 million in just 24 hours. According to analysts, this is a 600% surge from the previous figure. Santiment data discloses that this marks its highest single-day trading volume since June 2021. 

How Trading Volume of Bitcoin SV Concentrate on Exchanges

Crypto analyst Colin Wu also commented on this, revealing that 65 percent of the trading volume is concentrated on Upbit, the largest crypto exchange in South Korea. About 9.4% of the trading volume is also reported to have been concentrated on OKX. 

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 January 9, 2024.

Another interesting observation is that the asset’s Weighted Sentiment became positive for the first time since November 2023. This was around 1.441 as of the time of writing. The key momentum indicators are also reported to have been pushed to a multi-month high. Relative Strength Index (RSI), for instance, had a reading of 87.16 with Money Flow Index (MFI) also showing 83.4. Both readings are bullish signs. 

According to analysts, the market appears overheated, meaning there could be buyers’ exhaustion which could make it difficult to overpower the opposing force from sellers. It is advised that investors treat Bitcoin SV with caution as such a price surge within a short period could lack support to sustain the growth. 

Aave (AAVE) is another altcoin that pulled an incredible surge within the same time frame with a 23% surge to trade at $112.39. As of press time, the asset had lost most of the gains to record a decline of 7% in the last 24 hours. Its weekly return on investment is also positive with a 12% gain.