Bitcoin Cash (BCH) has continued its rapid ascent, propelled by the recent debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets on June 20. The cryptocurrency has surged over 33% in the past 24 hours, reaching a 14-month high of $320. This surge marks a cumulative gain of 183% since EDX’s launch.
The significant price increase is backed by a notable surge in trading activity on Upbit, one of South Korea’s leading digital asset exchanges. Data from Coingecko reveals that the Bitcoin Cash-Korean won (BCH/KRW) pair listed on Upbit has recorded a trading volume of $557.63 million in the past 24 hours. This volume is nearly 3.5 times larger than the trading volume of $160 million in Upbit’s BTC/KRW pair and 5.5 times greater than the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange.
The data demonstrates the enthusiasm generated by the availability of Bitcoin Cash on an exchange supported by prominent institutions, reaching even the far east market.
EDX Markets made the decision to offer BCH, BTC, ETH, and LTC for trading at the launch due to their compliance with the U.S. Securities and Exchange Commission’s regulations, according to Jamil Nazarali, CEO of EDX Markets, who spoke on CoinDesk’s “First Mover” program on June 20. Lawrence Lewitinn, The Tie Director of Content and host, commented in Wednesday’s newsletter that “Nazarali explained that they felt confident that litecoin and bitcoin cash, as derivatives of bitcoin, were not securities. While there is some interest, it is not substantial.”
The surge in BCH’s price can be seen as a combination of hope and a touch of greed, which are two factors known to fuel market movements in the cryptocurrency space, regardless of underlying fundamentals, as stated by Lewitinn.
Onchain data reveals a growing participation of traders and speculators seeking to capitalize on the prevailing bullish sentiment in the Bitcoin Cash market, aiming to make quick profits.
As Bitcoin Cash continues its remarkable rally, market observers are closely monitoring its performance and the factors contributing to its significant price surge. The recent debut on EDX Markets, along with the surge in trading activity on Upbit, has amplified the momentum behind Bitcoin Cash’s upward trajectory, attracting attention from investors and enthusiasts alike.
