BSV surpasses $52 as open interest, trading volume skyrocket

Bitcoin SV is seeing increased demand from short-term investors and traders as its price surpasses $50 amid high volatility.

Bitcoin SV (BSV) is up 17% in the last 24 hours and is trading at $52.95 at the time of writing. The market cap of the asset currently stands at $1.05 billion, making it the 67th largest cryptocurrency.

Data shows that BSV’s daily trading volume increased by 215%, reaching $93 million.

BSV has been in extreme volatility since late June and has barely broken the $50 mark after falling from a two-year high of $128 in March.

At this point, BSV is down 89% from its all-time high of $491 on April 16, 2021.

BSV’s price increase in particular comes with market-wide bullish momentum. According to data from CoinGecko, the capitalization of the global crypto market has exceeded $2.5 trillion. Bitcoin (BTC) reached $71,000 for the first time since June.

Open positions increase thanks to short positions

BSV’s price increase comes with the recovery in open interest.

BSV price, open interest and funding rate | Source: Santiment

According to data provided by Santiment, total open positions in BSV increased by 63% in the past day, from $7.6 million to $12.4 million.

On the other hand, the token is already seeing price decline expectations, while increasing open positions and trading volume indicate increased demand.

This may indicate a notable increase in the number of short-term investors expecting quick gains before the BSV price declines.

The start of short liquidations could potentially cause the price to rise and vice versa.

Data from Santiment shows that sentiment around BSV has been mostly neutral over the past month, with a few spikes and drops on October 18th and 25th.

It is important to note that leading crypto exchanges Binance and Kraken delisted BSV in 2019, and Coinbase also removed BSV from its platform in February of this year.

Binance said the asset did not meet its requirements after Australian computer scientist Craig Wright claimed that he was Satoshi Nakamoto, the creator of Bitcoin. Kraken even called it “allegations of fraud” in its delisting announcement.

For Coinbase, the biggest reason for this was the 51% attack on the BSV network in 2021.