BSV surpasses $52 as open interest, trading volume skyrocket

Bitcoin SV (BSV) has been experiencing a surge in demand from short-term investors and traders, with its price surpassing the $50 mark amidst high volatility. As of the latest data, BSV is up 17% in the past 24 hours, trading at $52.95, and its market cap has risen to $1.05 billion, making it the 67th-largest cryptocurrency by market valuation.

The asset’s daily trading volume has skyrocketed by 215%, reaching $93 million, indicating heightened investor activity. This surge in price comes after months of extreme volatility, with BSV struggling to break above the $50 level following a significant drop from a two-year high of $128 in March 2024. Despite the recent gains, BSV remains down 89% from its all-time high of $491, which occurred in April 2021.

The price increase in BSV coincides with broader bullish momentum in the cryptocurrency market. The global market capitalization of cryptocurrencies surpassed the $2.5 trillion mark, and Bitcoin (BTC) recently hit $71,000, its highest level since June 2024. This overall market rally is likely contributing to BSV’s price surge, as investors continue to take advantage of market opportunities in this high-volatility environment.

Open interest rises, thanks to shorts

BSV’s price surge comes along with rallying open interest.

According to data from Santiment, Bitcoin SV (BSV) has experienced a notable rise in open interest, increasing by 63% within the past 24 hours, from $7.6 million to $12.4 million. This surge in open interest, alongside rising trading volume, suggests that there is growing demand for the token, particularly among short-term traders looking to capitalize on potential price swings.

However, the increased open interest also indicates that many traders are betting on a price decline, creating expectations of a possible downturn for BSV. The rising demand combined with the heightened open interest could lead to a volatile price movement. If short liquidations occur, the price could experience a temporary spike, while the opposite may happen if more traders take short positions successfully.

Sentiment surrounding BSV has largely been neutral over the past month, with a few notable fluctuations on October 18 and 25. Despite this, BSV continues to experience significant attention from traders, though it is also important to consider the historical context of its exchanges.

In 2019, both Binance and Kraken delisted BSV after Australian computer scientist Craig Wright’s controversial claim that he was Satoshi Nakamoto, the creator of Bitcoin. Binance stated that BSV did not meet its listing requirements, while Kraken referred to Wright’s claim as “fraudulent.” Coinbase followed suit and delisted BSV in February 2024, citing concerns about the 51% attack on the BSV network in 2021.

The absence of BSV on major platforms like Binance, Kraken, and Coinbase could limit its wider adoption and exposure, especially as these exchanges are key gateways for many traders and investors.