Bitcoin SV (CRYPTO: BSV) surged over 51% on Wednesday, surpassing Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), to secure a spot as one of the top performers on CoinMarketCap's rankings today.
What Happened: At the time of writing, BSV was trading at $80, with its trading volumes escalating over 877% in a single day, reaching $520 million.
Data from CoinGlass shows the impact on short sellers, indicating that over $3 million worth of BSV short positions were liquidated in the last 24 hours.
The rise of BSV coincides with a broader rally in the crypto market, headlined by Bitcoin's hovering around the $44,000 mark.
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Why It Matters: This rally is further bolstered by MicroStrategy's ongoing investment strategy, as CEO Michael Saylor announced on Wednesday the acquisition of an additional 14,620 BTC, totaling approximately $615.7 million. "MicroStrategy has purchased 14,620 bitcoins for $615.7 million, at an average price of $42,110 per bitcoin," Saylor stated in his tweet.
Emerging from a hard fork of Bitcoin Cash (BCH) in 2018, Bitcoin SV (BSV) was created with the intention to adhere more closely to the original propositions set forth by Satoshi Nakamoto—the pseudonymous creator of Bitcoin—in the seminal Bitcoin white paper and early versions of the client software
Earlier in November, Coinbase Global Inc made a decision, to fully discontinue support for Bitcoin SV.
Photo by Fernando Cortes on Shutterstock
Price Action: At the time of writing, ETH was trading at $2,417 up 9.03% in the last 24 hours, according to Benzinga Pro.
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