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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.
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.
1/2 Bitcoin Cash (BCH) soars 70% in a week, riding high on its recent inclusion on #EDX, the Citadel Securities-Backed Crypto Exchange. Yesterday saw the highest volume of BCH transacted in a year, exceeding a staggering $750M.🔗 https://t.co/1qZbEChogW #BitcoinCash pic.twitter.com/OEOYG61sQR
— IntoTheBlock (@intotheblock) June 29, 2023
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%.
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.
Alex DovbnyaThis 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.
Alex Dovbnya
Vladislav Sopov
Dan Burgin