Bitcoin Cash Price Rallies 200% In Ten Days Following Listing on EDX Markets
While Bitcoin and the broader cryptocurrency market have been showing overall strength, one altcoin that’s outperformed everyone is the first Bitcoin off-shoot aka Bitcoin Cash.
In the last 24 hours, the Bitcoin Cash (BCH) price shot up by another 30% shooting past $300. As of press time, BCH is trading at a price of $309 with a market cap of over $6 billion and as the 14th largest cryptocurrency overall.
The open interest for BCH contracts has skyrocketed to $562 million, marking its highest level since May 12, 2021. The trading volume for BCH contracts has experienced a significant surge, increasing by more than 10 times since June 22, with a 24-hour trading volume peaking at 4.427 billion. Additionally, BCH has seen an impressive price surge of nearly 100% just over the past week.
The recent surge in Bitcoin Cash (BCH) price can be attributed to the introduction of the EDX Markets crypto exchange on June 20. Supported by prominent institutional players like Fidelity and Citadel, EDX Markets has listed BCH, along with three other cryptocurrencies.
This move has instilled confidence among analysts that BCH will be recognized as a commodity rather than a security. Given the Securities and Exchange Commission's scrutiny of the digital assets industry, there has been increasing concern about altcoins being classified as securities. With EDX Markets listing Bitcoin Cash (BCH), many believe that the altcoin won’t have to face the SEC wrath, thus leading to its price rally.
The recent surge in Bitcoin Cash (BCH) may be attributed to South Korea's influence. Within the last 24 hours, Upbit, the largest exchange in South Korea, has witnessed a trading volume of over $350 million for the BCH/KRW pair, accounting for 23.58% of BCH's total trading volume. Notably, this trading volume is three times higher than that of the BTC/KRW pair on Upbit.
Bitcoin Cash has been one of the top performing altcoins in the crypto market this month in June supported by a rally in the broader cryptocurrency market. Other altcoins like Litecoin (LTC) and other have also joined the party making significant gains.