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Bitcoin Cash (BCH) Up 79% in Days; Here Are Possible Reasons for Rise

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Sat, 24/06/2023 - 12:09
Bitcoin Cash (BCH) Up 79% in Days; Here Are Possible Reasons for Rise
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According to on-chain analytics firm Santiment, Bitcoin cash has been the biggest beneficiary since a new crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp. — EDX Markets — went live.

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Bitcoin Cash (BCH) has surged by nearly 79% in the past four days after EDX listed the token alongside Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).

"With the assistance of EDXMarkets, launched on June 20, Bitcoin Cash has been the biggest beneficiary, with a massive +79% price gain in 4 days. Notably, BCH has seen a 3-year high in social discussion rates, and volume has easily eclipsed 2023 highs," Santiment wrote.

While social dominance has reached its highest point since 2020, Santiment notes that BCH volume is robust, hitting 2023 highs.

After hitting intraday highs above $200, not seen since May 2022, BCH was up 35.76% in the last 24 hours at $193 at the time of writing.

In the past seven days, BCH has been up more than 80%, according to CoinMarketCap data. BCH has thus reentered the top 20 with a current market capitalization of $3.75 billion.

As traders rushed into the current market spike to profit, BCH's 24-hour trading volume also increased by over 425%.

The rest of the market received a spark of positivity after Bitcoin hit its highest level in a year following high-profile exchange-traded fund (ETF) filings in the U.S. of late. A few often dormant altcoins are soaring as a result of the market's increased optimism. Notably, Bitcoin and Ethereum forks are soaring.

Bitcoin SV is up 24% in the last 24 hours. Ethereum Classic (ETC) is up 13%, as is EthereumPoW (ETHW), which is up 20% in the last 24 hours.

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Bitcoin Cash's upcoming halving in the next 286 days remains another positive catalyst.

The subsequent Bitcoin Cash halving is expected to occur on or around April 6, 2024, according to OKLink. After that, rewards for mining Bitcoin Cash will decrease from 6.25 BCH to 3.125 BCH. There are currently 41,297 blocks remaining for this event.

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