CoinDesk Analysis Team
CoinDesk
Bitcoin cash (BCH) continues to rally at a breakneck speed in the wake of Fidelity, Charles Schwab and Citadel-backed EDX Markets' decision to debut on June 20, with BCH being one of the only four coins available for trading on the exchange.
The cryptocurrency has jumped over 30% in the past 24 hours to a 14-month high of $320, taking the cumulative gain since EDX's debut on June 20 to 183%, CoinDesk data show.
The latest price surge is backed by a notable increase in trading activity on South Korea's most prominent digital assets exchange Upbit.
Data tracked by Coingecko show, the bitcoin cash-Korean won (BCH/KRW) pair listed on Upbit has registered a trading volume of $557.63 million in the past 24 hours. That's nearly 3.5 times bigger than the volume of $160 million in Upbit's BTC/KRW pair and 5.5 times the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange.
The data shows the enthusiasm generated from BCH being offered by an exchange backed by prominent institutions has reached the far east.
EDX Markets decided to offer BCH, BTC, ETH, and LTC for trading at the launch because these cryptocurrencies are considered safe from the viewpoint of being complaint with the U.S. Securities and Exchange Commission, Jamil Nazarali, CEO of EDX Markets, said on CoinDesk's "First Mover" program on June 20.
"Nazarali explained that they felt confident that Litecoin and bitcoin cash, as derivatives of bitcoin, were not securities. While there is some interest, it is not substantial," Lawrence Lewitinn, The Tie Director of Content and host said in Wednesday's edition of the newsletter.
"Therefore, the BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space, regardless of underlying fundamentals," Lewitinn added.
Onchain data show the participation of traders or speculators looking to make a quick buck from the prevailing bullish sentiment in the BCH market has increased.
Per analytics firm IntoTheBlock, the BCH balance held by traders or wallets holding coins for less than a month has jumped by 33% in the last 30 days.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.