What’s Driving Today’s Bitcoin SV (BSV) Surge?

Bitcoin SV, which is a fork of Bitcoin, experienced a significant increase in both its price and trading volume, leading to new price records in October 2023.

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The cryptocurrency market has been getting more attention recently, and one cryptocurrency, Bitcoin SV (BSV), made headlines on Thursday, October 19th, due to a significant price increase.

BSV, a fork of Bitcoin, saw a substantial surge in its price and trading activity, reaching a new monthly high of over $42. Despite experiencing price fluctuations throughout the year, BSV gained the spotlight as one of the top-performing cryptocurrencies in the current session.

It’s worth noting that BSV is the native cryptocurrency of Bitcoin Satoshi’s Vision, a blockchain created in 2018.

Bitcoin SV Hits New Monthly High

In September 2023, Bitcoin SV’s price stayed relatively stable, fluctuating between $30.65 and $32.53. However, in early October, it surged to nearly $42, breaking through various resistance levels and reaching a high of $43.

Following the October price spike, BSV lost momentum and dropped to a low of $32.32. It then traded in a range between $32.46 and $33.79, indicating a lack of clear investor interest.

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Currently, the price of Bitcoin SV stands at $42.99, showing a 7.32% gain in the past 24 hours. Additionally, its one-day trading volume and market cap increased by 37.09% and 7.30%, reaching $201.41 million and $828.18 million, respectively.

These recent gains have resulted in a significant 35% price increase for Bitcoin SV over the last 30 days.

Crypto Price Swings After SEC Decisions

In early October, there was news that the SEC had approved the iShares spot ETF application. This news initially boosted the price of Bitcoin SV, as it tested higher resistance levels. However, it was later revealed that the news was fake, and the price was rejected at $41.52.

The recent price surges in the cryptocurrency market were primarily driven by optimism surrounding the potential approval of a Bitcoin ETF by the Securities and Exchange Commission. This sentiment was reinforced when the SEC decided not to appeal the Grayscale lawsuit.

Cryptocurrency markets have been quite uncertain due to frequent price fluctuations. Although the overall market is experiencing a downturn, some cryptocurrencies, such as Bitcoin SV and Bitcoin, among others, may still offer investment opportunities.

Experts believe that the recent price gains in Bitcoin SV could be attributed to the growing optimism around the approval of a Bitcoin Spot ETF and the anticipated rally of Bitcoin (BTC).

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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