15.4 C
October 1, 2023
BTC Hunts
Image default

Bitcoin Cash Surpasses $300 as Trading Activity Soars in South Korea, What’s Next For BCH Price?

The post Bitcoin Cash Surpasses $300 as Trading Activity Soars in South Korea, What’s Next For BCH Price? appeared first on Coinpedia Fintech News

The recent rally in Bitcoin Cash (BCH) has picked up significant speed, largely fuelled by the introduction of cryptocurrency on the trading platform EDX Markets. This newfound investor interest, most notably from South Korea, has sent BCH prices soaring to 14-month highs.

Why is BCH Surging So High?

In just 24 hours, BCH has leaped 33.2% in value, peaking at $320. This stellar performance is a result of the digital currency being listed as one of only four cryptos available on EDX Markets, an exchange that benefits from the backing of Fidelity, Charles Schwab, and Citadel. From the day of its listing on June 20, BCH has seen an astounding cumulative increase of 183%.

This positive sentiment towards BCH is seen far and wide but has gained a firm footing in the East. Upbit, one of South Korea’s leading digital asset exchanges, recorded a daily trading volume of the BCH/Korean won (BCH/KRW) pair that exceeded $557.63 million, an increase of approximately 3.5 times.

Also Read: Bitcoin Cash Price Prediction 2023, 2024, 2025: Will BCH Price Cross $500 By The End Of Year?

BCH’s market cap now stands at $5.71 billion, positioning it as the 14th largest cryptocurrency globally. Over the ten-day period following its debut on EDX Markets, BCH price surged by a breathtaking 200%. 

Open interest for BCH contracts experienced a significant jump, surging to $562 million, the highest level observed since May 12, 2021. The 24-hour trading volume has seen an over ten-fold increase since June 22, reaching an astronomical 4.427 billion.

South Korea continues to be a significant player in the global crypto markets. The Asian nation’s investors have shown particular enthusiasm for BCH, Bitcoin’s first hard fork variant, adding substantial momentum to its ongoing rally. With BCH now trading at levels over $300, we anticipate further gains for the cryptocurrency.

Related posts

Here Is How Shiba Inu Could Hit $1

Leslie Kim

Ripple Ruling Spurs Altcoin Market Interest; Analysts Predict Imminent Turnaround

Leslie Kim

Pepecoin (PEPE) Price Hits New ATH With More than 77% Short Trades Liquidated

Leslie Kim