According to CoinMarketCap, Bitcoin SV (BSV) has experienced an impressive surge of 63% in the last 24 hours, reaching its highest price level so far this year.
This significant rally comes nearly two months after the popular cryptocurrency exchange Coinbase removed the digital asset from its listings.
The majority of the price growth started two days ago, rising from $46 on December 26th to a value of $87 at the current moment, which is the highest it has been since January 2023.
With a remarkable 63% price increase in the last 24 hours, BSV emerged as the top-performing cryptocurrency during that time. Aave (AAVE) followed with a distant yet significant 23% surge within the same period.
AMBCrypto reported that BSV's trading volume reached $615 million in the past 24 hours, experiencing a staggering 600% surge. Data from Santiment reveals that this represents the highest daily trading volume for the coin since June 2021.
Regarding where the majority of these trades are being executed, crypto analyst Colin Wu, in a post on X (formerly Twitter), noted that 65% of the trading volume has been "concentrated on Upbit, South Korea's largest exchange.”
The Weighted Sentiment of BSV, which had been negative for over seven weeks, recently turned positive. According to Santiment's data, the coin's Weighted Sentiment currently stands at 1.441.
These indicators observed on a 24-hour chart experienced sharp upticks as BSV traded at its year-to-date high. For example, the values of the coin's Relative Strength Index (RSI) and Money Flow Index (MFI) were 87.16 and 83.47, respectively.
While these metrics pointed to a substantial surge in buying pressure for BSV within the past 24 hours, they also suggested that the market was experiencing overheating.
When prices reach such heights, it is not uncommon for buyers to feel exhausted, as market participants often struggle to sustain further price rallies.
Furthermore, when the value of an asset experiences such rapid growth within a short period of time, the upward price movement often lacks stable support. Therefore, it is advisable to exercise caution.
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