Bitcoin Cash (BCH) has experienced a rapid surge in value following the recent debut of EDX Markets, a cryptocurrency exchange backed by prominent institutions like Fidelity, Charles Schwab, and Citadel. The cryptocurrency has gained over 35% in the past 24 hours, reaching a 14-month high of $320.
The rally has been fueled by increased trading activity on South Korea’s leading digital assets exchange, Upbit. The enthusiasm generated by BCH’s availability on an exchange backed by well-known institutions has extended to the Asian market as well.
EDX Markets Debut Drives BCH Rally
Data shows that Bitcoin Cash has seen a cumulative gain of 183% since its debut on EDX Markets. The exchange, which is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, chose to offer BCH, BTC, ETH, and LTC for trading, considering them compliant with the U.S. Securities and Exchange Commission regulations.
The inclusion of BCH on a platform supported by such prominent institutions has generated significant interest and excitement, leading to a surge in its price.
South Korean Trading Volume Soars
The Bitcoin Cash-Korean won (BCH/KRW) trading pair listed on Upbit has witnessed a substantial increase in trading volume.
CoinMarketCap data indicates that the past 24 hours alone recorded a trading volume of $557.63 million for BCH/KRW on Upbit, surpassing the trading volumes of BTC/KRW on the same exchange and BCH/USD on Nasdaq-listed Coinbase by 3.5 times and 5.5 times, respectively.
This surge in trading activity further contributes to the overall bullish sentiment surrounding Bitcoin Cash.
Speculators Join the BCH Market
Onchain data reveals a growing participation of traders and speculators aiming to capitalize on the current bullish sentiment in the Bitcoin Cash market.
Lawrence Lewitinn, The Tie Director of Content, suggests that this rally is a combination of hope and greed, which often drive market movements in the cryptocurrency space, irrespective of underlying fundamentals.
