Bitcoin SV Registers Fresh 52-Week High of $97; Next Aim $100?

In the past few months, cryptocurrency has outperformed, and some even broke all records in terms of growth. Bitcoin SV (BSV) is among the most profitable coins in the last quarter of 2023; as per CoiMarketCap data, BSV surged over 69% in the past 24 hours.

However, in the same time frame, BSV trading volume reflected an unusual growth of 628.53%, following a change in price and trading volume, market capitalization also swelled by 66%.

According to the data available on TradingView on December 27, 2023, Bitcoin SV opened trading below $50, but by the end of the day, it hit a high of $76.78 with a growth of 53.73%.

The unprecedented spike in price, trading volume, and market capitalization has dragged the entire attention of the crypto market towards BSV. One of the primary reasons behind the surge is the sudden growth of the trading volume of Bitcoin SV on Upbit, a centralized crypto exchange based in South Korea.

The entire surge in the trading volume includes the surged trading volume of BSV on OKX and BiONE. On Upbit, trading BSV with a pair of Bitcoin has shown tremendous improvements, guiding a positive momentum.

After keen analysis, market observers concluded that North Korean traders majorly fueled the surge of Bitcoin SV.

Differences Between Bitcoin SV & Bitcoin

The block size is the primary distinction between Bitcoin and Bitcoin SV. While Satoshi Nakamoto, the founder of Bitcoin, first set the block size at 1 MB (which was later increased to 4 MB), Bitcoin SV was assigned to a substantially greater amount to accommodate more transactions.

Australian computer scientist Craig Wright created Bitcoin SV in November 2018 to accommodate more transactions. The goal of the project was to expand the block size.

The official Bitcoin SV website lists hundreds of projects, from chat apps to e-commerce, that are part of the BSV ecosystem. In addition to these recent applications, you may still use Bitcoin for other purposes, including ordinary transactions and purchasing products and services.

The block size of Bitcoin SV was initially 128 MB; however, after a network update in July 2019, it was extended to 2 GB. The hard cap size was eventually eliminated in February 2020 by the Genesis upgrade. In addition, Bitcoin SV allows smart contracts, something that the original Bitcoin network did not.

Is BSV Aiming for the $100 Milestone?

At the time of writing, Bitcoin SV was trading above its 50-day and 100-day exponential moving averages (EMA), which is a positive sign, and a surge in the prices is expected.

Analysts predict that BSV might make a pennant pattern or a bullish sign in the coming day. If predictions come true, the subsequent halt of Bitcoin SV price might be $80.

The MACD of BSV reflects a bullish cross-over, but the histogram shows a red line, which might signal bear dominance in a particular time frame. In the intraday time frame, BSV broke its previous 52-week high and recorded $97.00 as its new 52-week high.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.