The ongoing speculation of Bitcoin ETF approval amidst the tide of new applications led the remarkable price action of Bitcoin Cash to slide the crypto community unnoticed.
Bitcoin Cash (BCH), a crypto created in 2017 from the Bitcoin blockchain fork, rallied with a 110% weekly gain to realize $305 by Thursday, June 29.
Bitcoin Cash Pairing with Korean Won Dominates Upbit Exchange
A review of Bitcoin cash pairing with the Korean won (BCH/KRW) shows it attracted $557.63 million in trading volume on the Upbit exchange in the past 24 hours. The BCH/KRW is witnessing an accelerated rally on the leading Korean crypto exchange Upbit, to exchange harns nearly 3.5 times.
The rally coincides with the launching of EDX Markets on June 20, backed by Citadel, Charles Schwab, and Fidelity. The newly launched crypto exchange platform is only admitting four coins. BCH is among the exclusive coins alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Bitcoin Cash Market Outlook
BCH has increased the uptrend by 29% to test the $312 exchange level in the past 24 hours per Coinmarketcap data. The increment propelled BCH to a 14-month high to realize a cumulative gain of 183% since the EDX debut.
Coinmarketcap data shows the 24-hour surge has raised BCH market capitalization by 26.48% to realize $5.932 billion. Its daily trading volume skyrocketed by 151.55% to hit $2.30 billion. The data from Coinmarketcap shows the cryptocurrency recovered from the floor pricing of $241.21 to test $312.77 as its day’s highest level. At press time 11:48 UTC, BCH cash exchanges hands at $304.74, 26.3% up in a day.
Surge in South Korean Trading Activity Propels BCH Price Higher
The price surge witnessed by BCH cryptocurrency-associated Mining hardware manufacturer Bitmain is propelled by a notable increment in trading volume within South Korea’s exchange Upbit. A review of the Coingecko tracking of BCH data shows the BCH/KRW pair realized $557.63 million in the last 24 hours. The activity level triumphs over Upbit’s $160 million volume by nearly 3.5 times.
BCH/KRW dominance is evident as the active trading pair volume in the past 24 hours is $643.278 million, accounting for 24.6% of the daily activity as per CoinGecko. It represents over seven times the volume of $87 million realized in BCH/USD pair trading on the Nasdaq-listed Coinbase. The rally in BCH has raised Upbit daily volume by 130.71% to realize $2.614 billion for the centralized exchange that today lists 188 coins and 301 trading pairs.
The review of the data above shows BCH is riding on the far east enthusiasm of exclusive inclusion on a newly launched exchange supported by prominent institutions. EDX Markets identified BCH among the offerings perceived as safe from facing the US Securities and Exchange Commission (SEC).
EDX Markets chief executive Jamil Nazarali expressed confidence in litecoin and bitcoin cash inclusion as not likely to attract securities labels. The two are derivatives of bitcoin that SEC chair Gary Gensler termed nonsecurity.
Nazarali indirectly references the SEC’s decision to label several top-ranked cryptos as securities. The filing submitted in the court when filing charges identified Solana, Polygon matic, Sandbox, Flow, Axel Infinity, and Filecoin, among others.
Speculators and Short-Term Traders Sustain BCH Bullish Steam
Lawrence Lewitinn, who serves as the content director at The Tie, admitted that Bitcoin cash is attracting interest. He explained that the BCH rally portrays a product of combining hope and greed. The executive considered the two ingredients necessary to fuel market movement within the digital assets ecosystem.
Onchain data analysis of the BCH rally shows that active input of speculators and traders seeking quick buck from the bullish steam has increased.
The bullish sentiment is explained by data analytics IntoTheBlock that BCH balances held by traders and wallets holding coins for shorter periods are increasing rapidly. In particular, traders and speculators holding the BCH for less than a month increased by 33%.