Bitcoin SV soars 63% in 24 hours, hits YTD high

• BSV’s price has risen by 63% in the last 24 hours.
• It now trades at its highest price level since the year began.

Bitcoin SV [BSV] has surged a staggering 63% in the past 24 hours, reaching its highest price point of the year, data from CoinMarketCap has shown. 

This rally comes almost two months after leading cryptocurrency exchange Coinbase delisted the digital asset.

Most of the price growth began two days ago, climbing from $46 on the 26th of December to exchange hands at  $87 at press time, marking its highest value since January 2023.

With the 63% price growth in the past 24 hours, BSV ranked as the crypto asset with the most gains during that period. It was followed by Aave [AAVE], which recorded a distant 23% uptick within the same timeframe. 

AMBCrypto found that BSV’s trading volume totaled $615 million in the last 24 hours, surging by over 600%. According to data from Santiment, this marks the coin’s highest single-day trading volume since June 2021. 

Source: Santiment

Regarding where the majority of these trades are being executed, crypto analyst Colin Wu, in a post on X (formerly Twitter), noted that 65% of the trading volume has been  “concentrated on Upbit, South Korea’s largest exchange.”

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… pic.twitter.com/11CSMrNYPg

— Wu Blockchain (@WuBlockchain) December 28, 2023

Demand climbs to multi-month highs

BSV’s Weighted Sentiment, which has been negative for more than seven weeks, turned positive for the first time since November. At press time, the coin’s Weighted Sentiment was pegged at 1.441, per Santiment’s data.

The price surge in the last 24 hours has pushed BSV’s key momentum indicators to multi-month highs, AMBCrypto found.

These indicators observed on a 24-hour chart experienced sharp upticks as BSV traded at its year-to-date high. For example, the values of the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 87.16 and 83.47, respectively.

Source: ETH/USDT on TradingView

While these values indicated a significant rise in BSV’s buying pressure in the last 24 hours, it also showed that the market was overheated.

Is your portfolio green? Check out the BSV Profit Calculator

At these highs, buyers’ exhaustion is common, as market participants often find it challenging to support any further price rally. 

Also, when an asset’s value rallies in this manner within a short window period, the price growth frequently lacks any sustainable support. Hence, caution is advised.