The recent rally in Bitcoin Cash (BCH) has accelerated significantly, largely fueled by the introduction of cryptocurrency on the trading platform EDX Markets. This renewed interest from investors, especially from South Korea, has sent BCH prices to their highest levels in 14 months.
Why is BCH rising so high?
In just 24 hours, BCH has increased in value by 33.2%, peaking at $320. This amazing achievement is a result of the digital currency being listed as one of only four cryptos available on EDX Markets, an exchange that benefits from the backing of Fidelity, Charles Schwab, and Citadel. From the day of the listing on June 20, BCH has seen an astonishing 183% cumulative increase.
This positive sentiment towards BCH is seen far and wide, but has gained a foothold in the East. Upbit, one of South Korea’s leading digital asset exchanges, recorded a daily trading volume of the BCH/Korean Won (BCH/KRW) pair that crossed $557.63 million, an increase of about 3.5 times.
Also Read: Bitcoin Cash Price Prediction 2023, 2024, 2025: Will BCH Price Cross $500 By The End Of The Year?
BCH’s market cap now stands at $5.71 billion, making it the 14th largest cryptocurrency worldwide. During the ten days following its debut on EDX Markets, the BCH price surged by a breathtaking 200%.
Open interest on BCH contracts jumped significantly, rising to $562 million, the highest level since May 12, 2021. The 24-hour trading volume has increased more than tenfold since June 22, reaching an astronomical $4.427 billion.
South Korea remains a major player in the global crypto markets. The Asian country’s investors have shown particular enthusiasm for BCH, the first hard fork variant of Bitcoin, which has provided substantial impetus to the ongoing rally. With BCH trading at levels above USD 300, we expect further gains for the cryptocurrency.