- Bitcoin Cash price doubles in a week, reaching a one-year high, spurred by its recent listing on EDX Markets, a crypto exchange backed by traditional finance titans.
- The sharp price rise of Bitcoin Cash sparks retail trader interest and social media discussions, with trading volumes hitting a record high for the year.
In a striking upward move, Bitcoin Cash (BCH) set a fresh one-year record earlier this week, marking a more than 100% price increase since its recent listing on EDX Markets, a newly launched, institutional-level cryptocurrency exchange supported by financial juggernauts. Over the past 24 hours alone, BCH price ascended by 17%, pushing its value to a peak of $226.44—the highest it has been since May 2022.
EDX Markets, backed by prominent names in traditional finance such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities, initiated trading operations last Tuesday. The platform offers support for BCH in addition to bitcoin (BTC), ether (ETH), and litecoin (LTC).
This phenomenal price upturn in BCH not only captures institutional interest via EDX Markets, but it has also sparked a surge in retail trader engagement. An uptick in social media chatter about the token has been noted, reaching a three-year high, along with trading volumes for the year setting a new record, as reported by Santiment, a crypto research firm.
To clarify, Bitcoin Cash is a hard fork from the original Bitcoin blockchain that took place in July 2017. It was primarily developed to function as a payment network. The creators aimed to overcome the scalability issues of the Bitcoin network by increasing the block size for transactions. Despite the initial enthusiasm, the Bitcoin Cash network hasn’t been able to match the transaction volume of the original Bitcoin blockchain.
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While the last 24 hours saw Bitcoin Cash transactions worth approximately $92 million, Bitcoin transactions soared to $11 billion, according to BitInfoCharts. However, Bitcoin Cash’s latest market performance suggests a noticeable shift in its perception and increasing acceptance among sophisticated investors, despite its price still being 95% down from its all-time high of $4,355, reached in December 2017, as per CoinMarketCap data.
It is worth noting that the launch of EDX Markets and the consequential price surge of BCH emphasizes the profound impact such institutionally backed platforms can have on the market performance of listed cryptocurrencies. It underlines the interplay between traditional finance and the burgeoning crypto sector, while also underscoring the role of social media in driving retail investor interest and activity.
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