The meteoric rise in Bitcoin Cash continues with it exploding by another 30% in the last 24 hours and reaching 300 dollars. As of the time of publication, BCH is trading with a rise of 21.38% at a price of 305 dollars.
With a market capitalization of 5.71 billion dollars . Bitcoin Cash (BCH) ranks fourteenth among the largest cryptocurrencies. Over the past ten days since June 20th . The price of Bitcoin Cash has increased by an amazing 200%.
According to Coinglass data, the open interest of BCH contracts increased to 562 million dollars . Reaching its highest level since May 12, 2021. The trading volume of BCH contracts has increased significantly by more than 10 times since June 22 . With 24 hours. The turnover reached 4.427 billion. Moreover . BCH has experienced an amazing price increase of almost 100% in the past week.
The main reason for the rise in Bitcoin Cash (BCH) prices
was the launch of the EDX markets cryptocurrency platform on June 20. EDX Markets is backed by some of the biggest institutional players in the market like Fidelity and Citadel.
Thus, by including them BCH, along with three other digital currencies . Analysts are confident that BCH prefers to remain as a commodity and not as a financial commodity. With the SEC cracking down on the digital asset industry . There was a growing fear that altcoins would reach the status of securities.
Who is driving the price of Bitcoin Cash Famous crypto analyst Colin Wu wrote:
"South Korea may be the reason for the BCH bump. In the past 24 hours, the largest trading platform in South Korea, Upbit, has registered . A trading volume of more than 350 million dollars for BCH / KRW, which contributed to 23.58% of the total trading volume for BCH. It also represents 3 times the trading volume of BTC / KRW on Upbit “.
South Korea was one of the largest markets for cryptocurrencies and continues to do so today. Investors in South Korea were especially optimistic about the first solid version of Bitcoin Cash (BCH).