Bitcoin Cash (BCH) has seen a remarkable surge in the past 24 hours, reaching a 14-month high of $320. This is largely due to the debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets on June 20, which included BCH as one of the only four coins available for trading on the exchange. According to market data, the cumulative gain since EDX’s debut is 183%.
The enthusiasm generated from BCH being offered by an exchange backed by prominent institutions has reached the Far East, as evidenced by the notable increase in trading activity on South Korea’s most prominent digital assets exchange Upbit. Data tracked by CoinGecko show that the Bitcoin Cash-Korean Won (BCH/KRW) pair listed on Upbit has registered a trading volume of $557.63 million in the past 24 hours, which is nearly 3.5 times bigger than the volume of $160 million in Upbit’s BTC/KRW pair and 5.5 times the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange.
Jamil Nazarali, CEO of EDX Markets, said on CoinDesk’s ‘First Mover’ program on June 20 that they decided to offer BCH, BTC, ETH, and LTC for trading at the launch because these cryptocurrencies are considered safe from the viewpoint of being compliant with the U.S. Securities and Exchange Commission, said Lawrence Lewitinn, The Tie Director of Content and host.
On-chain data shows that the participation of traders or speculators looking to make a quick buck from the prevailing bullish sentiment in the BCH market has increased. Per analytics firm IntoTheBlock, the BCH balance held by traders or wallets holding coins for less than a month has jumped by 33% in the last 30 days.
Therefore, the BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space, regardless of underlying fundamentals, Lewitinn added.