Bitcoin SV (BSV) is once again recording impressive gains, while the rest of the market recovers slightly from a painful drop two days ago. Bitcoin SV currently sits at $116.07, after reaching a high of $118.06 earlier today—its highest value since September 23.
Bitcoin SV began moving in the later hours of last night, where it experienced back-to-back spikes that added more than 12% in under three hours. This growth has since continued, helping Bitcoin SV gain over 15% in the last 24 hours.
In terms of percentage gains, Bitcoin SV is leading the market by a considerable margin—rising more as a percentage than the top 10 cryptocurrencies combined. This is also the second time this week BSV has witnessed such high gains.
Earlier this week, Bitcoin SV climbed from $96.43 to almost $114 in less than a day before losing most of this value by Wednesday. Prior to this, the cryptocurrency has been on a slow and steady uptick since September 24.
This is interesting because the rest of the market has been in decline. On Wednesday, the entire market dropped out of the sky, as Bitcoin fell $500 in five minutes. It is unclear why Bitcoin SV is outperforming the rest of the market. Trading of the coin is largely done on exchanges that have trans-fee mining models (that encourage traders to make high-frequency trades by giving them their fees back), suggesting that this may be impacting its price.