BSV rallies 66%, reaching 21-month high

Bitcoin SV’s (BSV) recent rally helped it reach a 21-month-high of $93.7 — a level last seen in early April 2022.

BSV is up 66% in the past 24 hours and is trading at $91 at the time of writing. The asset’s market cap surged to $1.76 billion, making it the 51st-largest cryptocurrency. Data shows that BSV’s daily trading volume recorded a 617% rally, reaching $652 million.

Data from CoinGecko shows that the majority of Bitcoin SV’s trading volume comes from the leading South Korean exchange Upbit — accounting for 68% of the total volume. Per CoinGecko, the majority of the investors are trading BSV with won, South Korea’s national currency.

According to data provided by the market intelligence platform Santiment, BSV’s total open interest (OI) rallied by 316% over the past 24 hours — rising from $12.6 million to $52.3 million in less than two hours. 

However, the exact amounts of short and long position holders are not clear until further movements.

Per Santiment, the total funding rates aggregated by BSV on all available exchanges currently hovers around 0.0005%. This shows that long-position holders are slightly dominating BSV’s total OI.

Following the surge, more investors have been betting for a further price surge while key indicator shows otherwise. According to Santiment, BSV’s Relative Strength Index (RSI) rallied from 55 to 84 over the past 24 hours.

This indicator shows that a potential price cooldown could be on the way for Bitcoin SV, which is a hard fork of the Bitcoin Cash blockchain. 

BSV has been struggling to record a notable surge after the Coinbase crypto exchange announced to stop supporting the asset by 2024. The decision came after the BSV network witnessed a 51% attack in August 2021.