Bitcoin Cash, one of the early offshoots of the lead cryptocurrency Bitcoin, is extending the rally it began in the past week and has more than doubled in value within the time frame. In July 2017, the Bitcoin Cash network was forked from the original Bitcoin blockchain to serve as a payment network.
On June 27, BCH's price soared to $237.73, its highest since May 2022, before settling at where it currently trades. At the time of writing, Bitcoin Cash was up 20% in the last 24 hours to $235.82. The Bitcoin offshoot is up 122% in the last seven days.
The uptick began after a new cryptocurrency exchange supported by Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. announced its launch.
An institutional-only exchange, EDX Markets, will provide trading in four cryptocurrencies: Bitcoin, Ether, Litecoin and Bitcoin Cash.
According to on-chain analytics firm Santiment, Bitcoin Cash has benefited the most from launch of EDX Markets. Following the unexpected price increase, BCH has reached a three-year high in social discussion rates, and volume has comfortably surpassed 2023 highs, Santiment tweeted on Saturday.
Another potential trigger for the Bitcoin cash price might be its recent game-changing upgrade. In May, Bitcoin Cash saw a network hard fork that strengthened the network's security and privacy while introducing plans for CashTokens, a game-changing feature that aids in building dApps.
Bitcoin Cash has climbed in the crypto market rankings following its meteoric price increase. According to CoinMarketCap data, Bitcoin Cash is the 18th largest cryptocurrency, with a market valuation of roughly $4.59 billion.