By
Steve Muchoki
April 29th, 2024
Since BCH became one of the four cryptocurrencies traded on EDX, its price has continued to rise. In the last 24 hours, the crypto has spiked more than 30%, reaching $325 for the first time since April 2022.
Bitcoin Cash (BCH) is experiencing a major increase in price and trading volume due to different reasons. One of the significant factors that have been said to affect its price is that Fidelity, Charles Schwab, and Citadel-backed EDX Markets introduced BCH as part of the assets available for trading on their platform on June 20 at its launch.
EDX Markets only made four cryptocurrencies available for trading when the exchange was launched. The cryptos are Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. According to Jamil Nazarali, CEO of EDX Markets, as reported by Coindesk, this was done because they are believed to be, to a great extent, safe cryptocurrencies, and they are also compliant with US Securities and Exchange Commission (SEC) regulations.
Lawrence Lewitinn, The Tie’s Director of Content, stated:
“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.”
Some have also said the price rise could be due to the hard fork upgrade that the cryptocurrency recently went through. However, since the hard fork got completed in mid-May, and the significant price rise didn’t start till June 20, it couldn’t have been the leading cause. Nevertheless, we cannot deny that it can increase the attention given to BCH as the fork improved its network security and privacy measures.
Since BCH became one of the four cryptocurrencies traded on EDX, its price has continued to rise. In the last 24 hours, the crypto has spiked more than 30%, reaching $325 for the first time since April 2022. Overall, BCH’s price has risen by 150%, from $106 on June 20 to $325 today.
Rise in Bitcoin Cash Trading Volume among South Korean Users of Upbit
Another factor pushing the price upward is an increase in trading volume in South Korea. As more people trade BCH, its demand increases, thereby pushing the price up.
There is a large BCH trading volume in South Korea, as can be seen from the data by CoinGecko on BCH trading volume on Upbit, one of the popular exchanges in South Korea. Coingecko revealed that the Bitcoin Cash-Korean Won (BCH/KRW) pair on Upbit had a trading volume of $658.25 million in the last 24 hours. Which is more than three times bigger than the $166.93 million volume that the Bitcoin-Korean won (BTC/KRW) pair has on the exchange.
Considering all the points above, we can conclude that the significant rise in the price of BCH is a result of different factors like introducing the asset on the EDX exchange, which increased its trading volume, and the increased demand for Bitcoin Cash among South Korean users of Upbit.