Bitcoin SV transactions exceeded 507% per day

Cryptocurrency industry analysts have noted an unprecedented increase in the quotations of the cryptocurrency Bitcoin SV (BSV). The value of the Bitcoin fork coin BTC $98,947.07 Bitcoin -4.98% Market capitalization $1.96 trillion VOL. 24 hours $6.39 billion soared by more than 60% in a day. At the time of writing, the crypto asset is available at $ 91.7. This allowed it to take the 50th place in the top ranking with a capitalization of $ 1.79 billion.

Market researcher Colin Wu noted a sharp increase in trading volumes for this crypto asset. The amount of transactions per day amounted to $ 724.93 million, which is 507% higher than yesterday. At the same time, 65% of the transactions were concentrated on the largest exchange in South Korea — Upbit. This indicates that local traders are the main driving force behind the growth of Bitcoin SV (BSV) prices. Wu also recalled that earlier the cryptocurrency exchange Coinbase announced that the service would stop supporting BSV on January 9, 2024.

Bitcoin SV is a cryptocurrency that emerged from the branching of the Bitcoin Cash (BCH) network in November 2018. The goal is to restore the original version of Bitcoin by returning to large blocks and increasing the scalability of the network.

The main idea of Bitcoin SV is to provide a distributed platform for various applications and services using the blockchain. BSV aims to become a global electronic cash system with the ability to conduct instant and low-cost transactions. The key principles of Bitcoin SV are protocol stability, scalability, and low fees.