Bitcoin SV (BSV) Emerges as Market's Biggest Gainer as Bitcoin (BTC) Slumps

Bitcoin SV BSV/USD rose over 3% in the last 24 hours to become the market's biggest gainer in as many hours.

Bitcoin (CRYPTO: BTC) derivatives experienced a dramatic overnight decline Tuesday, surprising many investors. However, a lesser-known spin-off of Bitcoin stole the show with healthy gains.

What Happened: Bitcoin SV (CRYPTO: BSV) rose over 3% in the last 24 hours to become the biggest gainer among the top cryptocurrencies.

Trading volume for the cryptocurrency surged by over 61% to $49.5 million, indicating strong buying interest in the coin.

With the latest spike, the Bitcoin-labeled coin’s weekly gains topped 8%.

For the uninitiated, BSV emerged after a hard fork of the Bitcoin Cash (CRYPTO: BCH) blockchain in 2018, which itself had forked from the original Bitcoin network a year earlier following the blocksize wars.

The gains came despite a broader market downturn following a steep contraction in Bitcoin prices late evening.

The King Crypto crashed by 3.6% in a span of 15 minutes, triggering mass liquidations in the market.

See Also: El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn’t Been A ‘Resounding Success’ — ‘We Have Never Forced Anyone To Adopt It’

Why It Matters: The surge in value of the Bitcoin offshoot signaled a preference among investors for cheaper alternatives to the King Crypto.

Despite its popularity, Bitcoin remains one of the most expensive cryptocurrencies to own, with one unit priced at $56,600 at the time of this writing.

The high price makes it difficult for many to own one full Bitcoin, although investors can still gain exposure through fractional purchases.

Price Action: At the time of writing, BSV was trading at $45.13, up 3.14% in the last 24 hours, according to data from Benzinga Pro.

Meanwhile, Bitcoin was trading at $56,606, down 4.16% over the last 24 hours.

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