The recent surge in Bitcoin Cash (BCH) has gained remarkable momentum, thanks to its introduction on the trading platform EDX Markets. This development has attracted substantial attention from investors, particularly in South Korea, leading to BCH prices reaching their highest level in 14 months.
Why is BCH Surging So High?
In a span of only 24 hours, BCH has experienced a remarkable surge in value, jumping by 33.2% and peaking at $320. This outstanding performance can be attributed to BCH’s inclusion as one of the four cryptocurrencies available on EDX Markets. The exchange, backed by Fidelity, Charles Schwab, and Citadel, has played a significant role in driving BCH’s cumulative increase of 183% since its listing on June 20.
Read More: Bitcoin Cash (BCH) Price Spike More Than 30%
The positive sentiment towards BCH extends beyond any specific region, but it has found firm ground in the East, particularly in 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 exceeding $557.63 million, marking an increase of approximately 3.5 times.
Also Read: Bitcoin Cash Price Prediction 2023, 2024, 2025: Will BCH Price Cross $500 By The End Of Year?
Impressive Market Position
With a market cap of $5.71 billion, BCH has secured its position as the 14th largest cryptocurrency globally. Since its debut on EDX Markets, BCH has witnessed a breathtaking surge of 200% in just ten days, further solidifying its market standing.
BCH contracts’ open interest has experienced a significant jump, reaching $562 million, the highest level observed since May 12, 2021. Moreover, the 24-hour trading volume has surged more than tenfold since June 22, reaching an astronomical 4.427 billion.
South Korea’s Impact on the BCH Rally
South Korea continues to play a significant role in the global crypto markets, with its investors displaying particular enthusiasm for BCH, Bitcoin’s first hard fork variant. Their substantial support has added significant momentum to BCH’s ongoing rally, contributing to its impressive performance.
Related: Bitcoin Receives Non-Money Status in South Korean Court Ruling
With BCH now trading above $300, there are strong indications of further gains for this cryptocurrency, as it continues to attract attention and support from investors worldwide.
