Bitcoin Cash (BCH) Sees Significant Rally Following EDX Markets’ Debut
Bitcoin cash (BCH) has experienced a rapid surge in value after Fidelity, Charles Schwab, and Citadel-backed EDX Markets announced their decision to debut on June 20. This move has propelled BCH into one of the only four coins available for trading on the exchange.
According to CoinDesk data, BCH has surged over 30% in the past 24 hours, reaching a 14-month high of $320. This marks a cumulative gain of 183% since EDX’s introduction.
The recent price rally is supported by a notable increase in trading activity on South Korea’s leading digital assets exchange, Upbit. Data from Coingecko reveals that the BCH/KRW pair listed on Upbit has recorded a trading volume of $557.63 million within the past 24 hours. This volume is nearly 3.5 times larger than Upbit’s BTC/KRW pair ($160 million) and 5.5 times larger than the BCH/USD volume ($87 million) on the Nasdaq-listed Coinbase exchange.
These figures indicate that BCH’s availability on an exchange backed by prominent institutions has generated enthusiasm even in the far east.
EDX Markets decided to offer BCH, BTC, ETH, and LTC for trading during their launch due to their compliance with the U.S. Securities and Exchange Commission, according to Jamil Nazarali, CEO of EDX Markets. However, Lawrence Lewitinn, The Tie Director of Content and host, points out that the interest in BCH is not substantial.
“The BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space, regardless of underlying fundamentals,” Lewitinn explained.
Onchain data suggests an increasing participation of traders or speculators aiming to profit from the bullish sentiment in the BCH market. Analytics firm IntoTheBlock reports that the BCH balance held by traders or wallets holding coins for less than a month has surged by 33% in the last 30 days.
These recent developments highlight the growing impact of institutional support and investor enthusiasm on the cryptocurrency market, particularly for Bitcoin Cash. As the market for digital assets continues to evolve rapidly, the future of cryptocurrencies like BCH remains intriguing and bright.