- Bitcoin Cash (BCH) experiences a robust rally with a 30% surge in the last 24 hours, nearing the $300 mark.
- The impressive surge is largely due to the EDX Markets exchange listing BCH, reinforcing its position as a commodity rather than a security.
Bitcoin Cash (BCH), a standout in the digital currency world, is extending its impressive rally with the price soaring another 30% in the last day, inching closer to the $300 milestone. As of the press time, BCH stands at $298, marking a 31.38% increase, reflecting a market cap of $5.71 billion, which solidifies BCH as the 14th largest cryptocurrency.
In the last ten days since June 20th, BCH has seen an eye-catching gain of 200%. This growth has been mirrored by the surge in open interest for BCH contracts on Coinglass, which rose to $562 million – a record since May 12, 2021. Trading volume for BCH contracts has dramatically escalated over 10 times since June 22nd, culminating in a 24-hour trading volume peaking at a whopping 4.427 billion.
The primary catalyst behind BCH’s price rally is the launch of the EDX Markets crypto exchange on June 20th. With heavyweight institutional backers such as Fidelity and Citadel, the exchange’s decision to list BCH, alongside three other cryptocurrencies, has been a significant factor. This listing reinforces confidence that BCH will retain its commodity status rather than being classified as a security, a crucial aspect considering the recent SEC crackdown on digital assets.
A leading voice in the crypto analyst community, Colin Wu, suggests South Korea as a potential driving force behind the BCH surge. In the last 24 hours, Upbit, South Korea’s largest exchange, reported a BCH/KRW trading volume exceeding $350 million. This volume constitutes a substantial 23.58% of the total trading volume for BCH and is thrice the trading volume of the BTC/KRW on Upbit.
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Technical enhancements and the EDX Markets listing seem to have invigorated trading interest in BCH. Open interest for BCH futures has rocketed to May 2021 levels as BCH prices doubled in the past week, outperforming tokens above a $1 billion market capitalization, with Bitcoin (BTC) and Ether (ETH) adding 13% and 8% respectively.
BCH underwent a network hard fork in May that bolstered the security and privacy of the network. The introduction of “CashTokens,” a scaling system that facilitates building decentralized applications directly on the Bitcoin Cash blockchain, has also stirred renewed interest.
In conclusion, the rise of BCH seems to be fueled by both technical advancements and its recent listing on the EDX Markets, supported by traditional finance stalwarts like Fidelity Digital Assets, Charles Schwab, and Citadel Securities. As BCH continues its rally, it maintains its position in the market as a strong cryptocurrency.
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