There has been a lot of action since November 15, 2018, when the Bitcoin Cash fork saw not only a hash war break out between the two forked chains, but also a massive drop in the cryptocurrency market, from which it has still not recovered.
The split in the Bitcoin Cash fork saw Bitcoin Cash SV essentially lose its battle with the then called Bitcoin Cash ABC, the latter keeping the naming rights of Bitcoin Cash. Because of this loss, many felt that the SV chain was pretty irrelevant, and could potentially fall away.
Now, however, the SV chain is one of the few that is spiking in price following Sunday’s market dump. Bitcoin SV is up over 20 percent and has been climbing the market cap rankings as well. Currently, it sits at 11, but a top 10 spot is in its sights if it manages to displace Binance Coin.
If the coin does break into the top 10, it would be fair to say that it deserves to be taken a little more seriously as clearly there is an interest in its offering — and it seems that interest is currently coming from South Korea.
Big in Korea
Over the past 24 hours, Bitcoin SV has surged from just over $61 per coin to around $74 before pulling back a little to currently hold at $71. This movement represents a 20 percent increase and has pushed the BSV market cap to just under $1.3 billion, allowing it to close the gap on Binance Coin in tenth place, just $100 million ahead.
The daily volume for BSV has increased from $110 million to $237 million with the Bit-Z exchange taking the largest share of it at around 24 percent of that action. South Korea has been buying up BSV during Asian trading, as around 11 percent of total volume has been in Korean Won on Upbit and Bithumb.
Why is it on the rise?
In terms of major news surrounding the coin, there is not too much to write home about, but there has been some advancements for it.
A Lithuanian-based fintech firm, CoinGate, has enabled trading and payments for BSV. According to the report, the company serves over 4,500 business clients and 80,000 registered users and thus will help spread the adoption of the cryptocurrency.
However, with a lot of the action coming from Korea and this company being based in Europe, it is hard to draw a correlation between the two that could cause such a surge in the market. Regardless, if the trading interest continues in Korea and can spread out and move a little more, there is a big case for BSV making it into the top 10.
Tomiwabold Olajide
Dan Burgin
