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Bitcoin SV (BSV) Surges 65% in 24 Hours Driven by Korean Traders on Upbit Exchange

Bitcoin SV (BSV), a fork of Bitcoin, has witnessed a remarkable surge of 65% in the past 24 hours, primarily attributed to trading activities on Upbit, South Korea’s largest exchange.

Upbit has emerged as the focal point for BSV trading, accounting for a substantial 65% of the total trading volume, highlighting the significant influence of Korean traders in driving BSV’s surge.

Currently trading at $85.26, Bitcoin SV has seen an impressive 74% increase over the last seven days and a substantial 55% surge within 24 hours, based on Coingecko data.

Coinbase’s recent announcement to discontinue support for BSV effective January 9, 2024, preceded this surge.

Bitcoin Hits $43,000; Market Eyes Potential ETF Approval

Simultaneously, Bitcoin, the flagship cryptocurrency, has crossed the $43,000 mark, contributing to an overall market cap of $1.71 trillion.

The market’s focus is on the potential approval of a spot Bitcoin ETF, speculated to materialize in the first week of January 2024, generating anticipation and interest among analysts.

Positive Movements Across Altcoins

Among popular altcoins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), positive market movements have been observed alongside Bitcoin’s surge.

Upbit Maintains Dominance in Korean Exchange Market

Upbit remains a dominant force in South Korea’s crypto exchange landscape, securing an impressive 80% market share. Other major exchanges such as Bithumb, Coinone, and Korbit have also made their presence felt, albeit with varying market shares. Bithumb holds the second-largest position, commanding a significant share ranging from 15% to 20%, while Coinone and Korbit maintain more modest shares at 3% to 5% and less than 1%, respectively.

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