Bitcoin BTC/USD fell dramatically overnight Tuesday, taking many investors by surprise. However, its lesser-known spin-off grabbed the spotlight after recording healthy gains.
What happened: Bitcoin SV BSV/USD rose over 3% in the last 24 hours to become the market's biggest gainer in as many hours. Trading volume for the cryptocurrency shot up by more than 61% to $49.5 million, signaling substantial buying momentum.
With the latest spike, the Bitcoin-labeled coin's weekly gains exceeded 8%.
For the curious, BSV emerged following a hard fork of the Bitcoin Cash BCH/USD blockchain in 2018, which had in turn forked from the original Bitcoin network a year earlier following the blocksize wars.
The jump defied a broader market slump following Bitcoin's steep contraction late evening. The King Crypto plunged 3.6% in a span of 15 minutes, triggering mass liquidations.
Why It Matters: The surge in value of the Bitcoin offshoot highlighted investors' preference for affordable alternatives to the King Crypto.
Despite its appeal, Bitcoin remains one of the most expensive assets to purchase, with one unit priced at $56,600 as of this writing. The high price makes owning one full Bitcoin a bit difficult, though investors can always get exposure by making fractional purchases.
Price Action: At the time of writing, BSV was exchanging hands at $45.13, up 3.14% in the last 24 hours, according to data from Benzinga Pro.
On the other hand, Bitcoin was trading at $56,606, down by 4.16% in the last 24 hours hours.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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