Why Is Bitcoin SV (BSV) Rising Today? Know All Here
The crypto market has gained notable traction in recent days, while several market enthusiasts are keeping a close watch on the sector. Meanwhile, one of the cryptos, Bitcoin SV, caught the eyes of investors on Thursday, October 19, with a significant increase in its price.
Bitcoin SV, a Bitcoin fork, witnessed a colossal surge in its price and trading volume and reached a new monthly high of over $42 as of today. The hard Bitcoin fork, which experienced constant price fluctuations throughout the year, has been on the investors’ radar, being one of the top gainers in today’s session.
Notably, Bitcoin SV, or BSV, is the native cryptocurrency of Bitcoin Satoshi’s Vision, a blockchain curated in 2018.
Bitcoin SV Reaches New Monthly High
As of September 2023, the price of Bitcoin SV traded sideways briefly as the coin traded in between a combined range of $30.65 and $32.53. Whereas, at the beginning of October 2023, BitcoinSV gained notable traction and witnessed a massive price surge, reaching almost $42. The coin then gained bullish momentum as it surged from $32 in September to a whopping $43 in early October by breaking out of multiple resistance levels.
Soon after the price skyrocketed in October, the coin lost momentum again and plunged to a new low of $32.32. Moreover, the coin again traded between a consolidated range of $32.46 and $33.79, implying objectivity and disinterest amongst the investors.
However, as of writing, the Bitcoin SV price traded at $42.99, noting a gain of 7.32% over the past 24 hours. On the other hand, the crypto’s one-day volume and market cap surged 37.09% and 7.30% to $201.41 million and 828.18 million, respectively.
Notably, the recent gains have contributed to over 35% surge in its price over the last 30 days.
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Crypto Prices Fluctuations Following SEC’s Decisions
Following the beginning of October, a piece of news broke out claiming that the SEC had approved the iShares spot ETF application. In response to the groundbreaking bulletin, the price of Bitcoin SV regained momentum, retesting its upper resistance level. Although the coin rapidly gained traction again, the price was rejected at $41.52 as the news was confirmed fake.
Meanwhile, the recent surge of prices that the crypto realm experienced occurred mainly due to the optimism revolving around the Securities and Exchange Commission potentially approving a bitcoin ETF. The sentiment was reinforced as the crypto community faced backlash when the SEC chose not to appeal the Grayscale lawsuit.
The constant price fluctuations revolving around cryptocurrencies have made the market quite uncertain in the crypto realm. Although the overall market is witnessing a slump, some cryptos, like Bitcoin SV or Bitcoin, amongst many others, may still prove beneficial.
Meanwhile, according to experts, the recent gains in Bitcoin SV price could be due to growing optimism over Bitcoin Spot ETF approval and a much-anticipated rally of Bitcoin (BTC).
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