The recent rise in Bitcoin Cash (BCH) has received a notable boost, thanks to its introduction on the trading platform EDX Markets. This development has attracted a lot of attention from investors, particularly in South Korea, driving BCH prices to their highest level in 14 months.
Why is BCH rising so high?
In the space of just 24 hours, BCH has experienced a remarkable increase in value, rising 33.2% and peaking at $320. This outstanding performance can be attributed to the inclusion of BCH as one of the four cryptocurrencies available on EDX Markets. The exchange, backed by Fidelity, Charles Schwab, and Citadel, has been instrumental in driving BCH’s cumulative 183% increase since its listing on June 20.
Read more: Bitcoin Cash (BCH) price spike by more than 30%
The positive sentiment towards BCH extends beyond a specific region, but has gained a foothold in the East, particularly South Korea. Upbit, one of South Korea’s leading digital asset exchanges, recorded a daily trading volume of the BCH/Korean Won (BCH/KRW) pair of more than $557.63 million, an increase of about 3.5 times.
Also Read: Bitcoin Cash Price Prediction 2023, 2024, 2025: Will BCH Price Cross $500 By The End Of The Year?
Impressive market position
With a market cap of $5.71 billion, BCH has secured its position as the 14th largest cryptocurrency worldwide. Since debuting on EDX Markets, BCH has witnessed a breathtaking 200% increase in just ten days, further solidifying its position in the market.
Open interest on BCH contracts has jumped significantly, reaching $562 million, the highest level since May 12, 2021. In addition, since June 22, 24-hour trading volume has more than increased tenfold to an astronomical $4.427 billion.
South Korea’s impact on the BCH Rally
South Korea continues to play an important role in the global crypto markets, with its investors particularly excited about BCH, the first hard fork variant of Bitcoin. Their substantial support has significantly boosted BCH’s ongoing rally, contributing to its impressive performance.
Related: Bitcoin Gains Non-Money Status in South Korean Court Ruling
With BCH trading above $300, there is strong evidence of further gains for this cryptocurrency as it continues to attract the attention and support of investors around the world.
