Bitcoin SV (BSV) Surges 65% in 24 Hours, Upbit Leads Trading Activity
Bitcoin SV (BSV), a cryptocurrency fork of Bitcoin, has experienced a significant surge of 65% within the past 24 hours. Upbit, South Korea’s largest exchange, has emerged as the focal point for trading activity, with 65% of the trading volume concentrated on the platform. This highlights the considerable influence of Korean traders in propelling the surge of Bitcoin SV.
As per Coingecko data, Bitcoin SV is currently trading at $85.26, representing a 74% increase in the last seven days and a 55% increase in the past 24 hours. The surge comes amidst the announcement by Coinbase, the largest US-based exchange, to discontinue support for Bitcoin SV from January 9, 2024.
Bitcoin Hits $43,000 Once Again, Fueling $1.71 Trillion Market Cap
Meanwhile, Bitcoin, the leading cryptocurrency, has crossed the $43,000 mark once again early on Thursday. This achievement has contributed to an overall market cap of $1.71 trillion. The market’s focus is currently on the potential approval of a spot Bitcoin ETF, with analysts speculating that such approval could happen in the first week of January 2024. Positive market movements were also observed among popular altcoins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE).
Upbit Dominance in South Korea’s Crypto Market
Upbit continues to solidify its dominance in South Korea’s crypto exchange market, holding an impressive 80% market share. Other major exchanges such as Bithumb, Coinone, and Korbit have also made their presence felt, albeit with varying market shares. Bithumb, the second-largest player, holds a substantial share ranging from 15% to 20%. Coinone and Korbit, on the other hand, maintain more modest positions with market shares of 3% to 5% and less than 1% respectively.
