Bitcoin SV (BSV), a cryptocurrency that originated as a fork of Bitcoin, has witnessed a remarkable surge of 65% in the past 24 hours, with the largest South Korean exchange, Upbit, playing a central role in the surge.
A substantial 65% of the total trading volume is concentrated on Upbit, highlighting the significant impact of Korean traders on the surge of BSV.
As of the latest data from Coingecko, Bitcoin SV is currently trading at $85.26, reflecting a nearly 74% increase in the last seven days and a 55% rise in the past 24 hours.
It’s worth noting that Coinbase, the largest U.S.-based cryptocurrency exchange, had earlier announced the discontinuation of support for Bitcoin SV, effective January 9, 2024. Despite this development, BSV has experienced a surge, with South Korea’s Upbit being a focal point for the heightened trading activity.
Bitcoin Price Cross Above $43,000
Simultaneously, Bitcoin, the foremost cryptocurrency, has surpassed the $43,000 threshold once again, marking an early Thursday milestone and adding to the overall market capitalization, which now stands at $1.71 trillion.
The current focal point of the market’s attention is the imminent possibility of approving a spot Bitcoin Exchange-Traded Fund (ETF), with analysts suggesting that approval may materialize in the first week of January 2024.
Positive market movements have been observed among popular altcoins, including Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE). This suggests a broader trend of favorable market conditions extending beyond Bitcoin to other prominent cryptocurrencies.
Upbit Remains top Korean Exchange
As previously reported, Upbit has further solidified its dominance in South Korea’s cryptocurrency exchange market, claiming an impressive 80% market share.
Other significant exchanges, including Bithumb, Coinone, and Korbit, have also asserted their presence with varying market shares. Bithumb, as the second-largest player, commands a substantial share ranging from 15% to 20%. Meanwhile, Coinone and Korbit maintain more modest positions, with market shares of 3% to 5% and less than 1%, respectively. This diverse landscape highlights the competitive dynamics among major cryptocurrency exchanges in the South Korean market.
