Bitcoin SV (BSV), a cryptocurrency that split from Bitcoin in 2018, soared 65% in the last 24 hours, outperforming Bitcoin and other major coins.
The rally was driven by a surge in trading volume on Upbit, South Korea’s largest exchange, where BSV accounted for 65% of the total turnover, according to data from Coingecko. BSV also saw increased activity on other platforms, such as Gate.io and Binance.
BSV History and Challenges
Bitcoin SV, which stands for Satoshi’s Vision, claims to follow the original design of Bitcoin’s anonymous creator. The coin is backed by Craig Wright, an Australian entrepreneur who controversially claims to be Satoshi Nakamoto.
The coin has faced several challenges in the past, including multiple 51% attacks, where malicious actors gain control of the network and manipulate transactions. It has also been delisted by several exchanges, such as Coinbase, which announced that it will cease supporting BSV by January 9, 2024.
An Undervalued Alternative
Despite these setbacks, Bitcoin SV has attracted a loyal fan base, especially in South Korea, where some traders view it as an undervalued alternative to Bitcoin. BSV’s market capitalization has risen to $9.2 billion, making it the 18th largest cryptocurrency by that measure.