- Bitcoin Cash (BCH) experiences a significant surge, with its price currently at $306.49, a 33.31% increase in the last 24 hours.
- The debut of EDX Markets backed by Fidelity, Charles Schwab, and Citadel, where BCH is one of the only four coins available for trading, likely contributed to the surge.
- South Korean exchange Upbit played a vital role in driving BCH’s trading volume, particularly in the BCH/KRW trading pair.
Bitcoin Cash (BCH) is witnessing a stellar rally, with its price currently standing at $306.49, marking an impressive 33.31% increase in the last 24 hours. The surge in BCH price is accompanied by a notable trading volume of $2,202,649,676 in the past 24 hours, and a market capitalization of $5,953,977,733.
One of the probable catalysts behind this surge could be the recent inauguration of EDX Markets on June 20th, which has the backing of heavyweights like Fidelity, Charles Schwab, and Citadel. It’s noteworthy that BCH is one of the only four coins available for trading on EDX Markets, which potentially validates its prominence.
Furthermore, the South Korean digital assets exchange, Upbit, appears to be a significant driver in the escalated trading volume for BCH. Established in 2017, Upbit is a centralized cryptocurrency exchange with 188 coins and 301 trading pairs.
Upbit’s trading volume stands at $2,355,407,348.91, reflecting a considerable 147.91% increase within the last 24 hours. Interestingly, BCH/KRW is the most active trading pair on Upbit, with a 24-hour volume of $650,034,261.14.
The robust trading volume of BCH on Upbit surpasses that of other trading pairs and exchanges, underscoring the traction BCH is gaining in the South Korean market. The surging price levels of BCH indicate a growing interest and participation of traders and speculators in its market.
On-chain data supports this narrative as it reveals an uptick in the short-term holding of BCH. Bitcoin Cash, created as a fork of Bitcoin, was aimed at addressing the scalability issues of the latter.
With faster transaction times and lower fees, BCH has been recognized as a feasible alternative for daily transactions. The recent developments and the vigorous performance of BCH highlight its potential and the increasing acceptance in both the retail and institutional realms.
As the cryptocurrency market continues to evolve, Bitcoin Cash is unquestionably carving a niche for itself in the landscape. Let’s see how the future unfolds.