Bitcoin Cash (BCH) has experienced a significant increase in value, with weekly gains of 114.3%. As a result, it has become the top gainer among the top 300 tokens by market cap this week. This surge in price is attributed to its listing on EDX Markets, and the token is expected to maintain its upward trend.
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Bitcoin Cash (BCH) surges dramatically. BCH Reaches One-Year High
The token has recently reached a one-year high, shortly after being listed on the EDX Markets exchange. EDX is supported by various Wall Street giants, including Fidelity Digital Assets, Citadel Securities, Sequoia Capital, and Charles Schwab. Bitcoin Cash (BCH) surges dramatically.
Unlike other cryptocurrency exchanges, EDX only permits investors to trade bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and BCH.
According to crypto research firm Santiment, BCH has benefited from the launch of EDX, with increased trading volumes and social media interest. The firm also discovered that BCH's sudden price movement attracted the attention of retail traders, with the token's trading volume reaching a new high this year.
BCH Surge Driven By South Korean Traders
According to industry analyst Colin Wu, the recent surge in BCH's price could be attributed to trading activity on South Korean exchanges. Wu highlighted that Upbit, South Korea's largest exchange, had a significant increase in trading volumes for the BCH/KRW pair in the past 24 hours, accounting for almost a quarter of BCH's total volume with over $350 million in trading volume. As a result, BCH's price increased by 31% in the past 24 hours, reaching over $300 for the first time since April 2022. However, it is worth noting that BCH is still 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.