Bitcoin SV is experiencing a surge in demand from short-term investors and traders as its price surpasses the $50 mark amid high volatility.

Bitcoin SV Price Surge

Bitcoin SV (BSV) is up 17% in the past 24 hours, trading at $52.95 at the time of writing. The asset’s market cap currently stands at $1.05 billion, making it the 67th-largest cryptocurrency. Recent data indicates that BSV’s daily trading volume has skyrocketed by 215%, reaching $93 million.

BSV has been highly volatile since late June, struggling to surpass the $50 mark after plunging from a two-year high of $128 in March. Currently, BSV is down by 89% from its all-time high of $491 on April 16, 2021.

Market-Wide Bullish Momentum

The recent price surge in BSV coincides with a market-wide bullish trend. The global crypto market capitalization has surpassed the $2.5 trillion mark. Bitcoin (BTC) reached the $71,000 mark for the first time since June.

Open Interest and Trading Volume

BSV’s price increase is accompanied by a rise in open interest. According to data from Santiment, the total open interest in BSV has increased by 63% over the past day, rising from $7.6 million to $12.4 million. The rising open interest and trading volume suggest increased demand, possibly indicating a notable increase in short-term traders aiming for quick gains before the BSV price falls.

The start of short liquidations could potentially push the price higher, and vice versa. Santiment data shows that the sentiment around BSV has been mostly neutral over the past month, with a few spikes and plunges on October 18 and 25.

Exchange Delistings

It’s important to note that leading crypto exchanges Binance and Kraken delisted BSV in 2019, and Coinbase removed BSV from its platform in February this year. Binance cited that the asset didn’t meet its requirements after Australian computer scientist Craig Wright claimed to be Satoshi Nakamoto, the creator of Bitcoin. Kraken referred to these as “fraudulent claims” in its delisting announcement. Coinbase’s major reason for delisting was a 51% attack on the BSV network in 2021.

“The rising open interest and trading volume hint at increased demand, potentially indicating a notable increase in short-term traders eyeing quick gains before the BSV price falls.”

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