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BCH has seen a spectacular surge recently, registering weekly gains of 114.3%.
Bitcoin Cash (BCH) has become this week’s highest gainer in the top 300 tokens by market cap following a 114.3% surge in price. The token continues its uptrend, spurred by its listing on EDX Markets.
BCH Reaches One-Year High
The token reached a one-year high this week, just days after it listed on the EDX Markets exchange. EDX is backed by several Wall Street heavyweights such as Fidelity Digital Assets, Citadel Securities, Sequoia Capital, and Charles Schwab.
Unlike other crypto exchanges, EDX only allows investors to trade bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and BCH.
Crypto research firm Santiment found BCH has benefitted from EDX’s launch, rising trading volumes and social media interest.
ð With the assistance of #EDXMarkets, launched on June 20th, #BitcoinCash has been the biggest beneficiary with a massive +79% price gain in 4 days. Notably, $BCH has seen a 3-year high in social discussion rates, & volume has easily eclipsed 2023 highs. https://t.co/6fz4RL28tH pic.twitter.com/MNn59zRy8T— Santiment (@santimentfeed) June 24, 2023
The firm further found BCH’s sudden price move attracted retail trader attention, with the token’s trading volume this year hitting a record.
BCH Surge Driven by South Korean Traders
Industry analyst Colin Wu tweeted today that BCH’s price increase may be due to trading activity on South Korean exchanges.
South Korea may be the reason for the BCH PUMP. In the past 24h, the largest exchange in South Korea, Upbit, has recorded a trading volume of over $350 million for the BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It is also the 3x the trading volume of the…— Wu Blockchain (@WuBlockchain) June 30, 2023
Wu noted South Korea’s largest exchange Upbit recorded massive trading volumes on the BCH/KRW pair over the past 24 hours. He said more than $350 million in volume accounted for nearly a quarter of the total volume for BCH over that time.
BCH surged an incredible 31% over the past 24 hours, allowing it to top $300 for the first time since April 2022. The token, however, remains down 92% from its all-time high of $3,785 in December 2017.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.