Advertisement
AD

Main navigation

Bitcoin Cash (BCH) 70% Rally Has Fundamental Reasoning Behind It

Advertisement
Fri, 30/06/2023 - 8:20
Bitcoin Cash (BCH) 70% Rally Has Fundamental Reasoning Behind It
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bitcoin Cash (BCH) made headlines this past week, enjoying a staggering 70% rally. But this is not a random surge; there is a fundamental reason behind it. The crypto coin has been riding the waves of its recent inclusion on EDX, a Citadel Securities-backed crypto exchange, which seems to have sparked new interest in this digital asset.

Advertisement

On its highest trading day this week, BCH saw the most significant volume of transactions it has seen in a year, exceeding an incredible $750 million. This high volume of trading activity demonstrates renewed interest and confidence in Bitcoin Cash.

The "Balance by Time Held" indicator by IntoTheBlock provides a closer look at the dynamics behind this surge. Notably, this volume increase could largely be attributed to traders who have held BCH for less than a month. Over the last 30 days, these short-term holders have increased by 33%.

Advertisement

This growth among new holders signifies a shift in market sentiment toward BCH following its inclusion on the EDX exchange. The listing offers a form of validation for BCH, signaling its acceptance by established financial institutions and its readiness for a wider audience of investors.

Related

This development comes on the heels of a similar trend observed with Litecoin (LTC), another cryptocurrency listed on the EDX exchange. Like BCH, LTC has experienced a significant price uptick, reinforcing the impact of EDX's listing decisions on the market dynamics of these coins.

However, cryptocurrency markets are notoriously volatile, and while positive developments like EDX listing can trigger substantial price increases, they also carry potential risks. As always, a comprehensive understanding of the market dynamics and sound risk management strategies are essential in the rapidly changing landscape of cryptocurrency investing.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD