Bitcoin Cash Soars 70%, Hits 14-Month High Amid Trading Spike
• Bitcoin Cash (BCH) surged to a 14-month high of $326 on Coinbase, buoyed by Wall Street-backed EDX listing the coin.
• BCH upside momentum was further bolstered by South Korea exchange Upbit with the BCH/KRW pair rising to $557 million.
• Daily trading volume across all exchanges has increased 165% over the past 24 hours to over $2.4 billion.
Bitcoin Cash Jumps to 14-Month High
Bitcoin Cash (BCH) has jumped to a 14-month high above $320, hitting highs of $326 on Coinbase. It is notable that the price had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies, listed Bitcoin Cash alongside BTC, ETH and LTC. The positive sentiment towards BCH saw its daily trading volume across all exchanges surge 165% in the past 24 hours to over $2.4 billion.
EDX Listing Boosts BCH Price
The listing of Bitcoin Cash on EDX Markets has added fuel to its upside momentum since it only lists three other coins – BTC, ETH and LTC. Enthusiasm across the BCH community from this listing has sent its price rocketing from below $165 since June last year when it dipped below that level. With Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH’s price crossed the psychological $300 mark today with more than 30% gains in 24 hours and nearly 200% over the past two weeks.
South Korea Exchange Drives Volume
Friday also saw enthusiasm for Bitcoin Cash increase on South Korean crypto platform Upbit where the BCH/KRW pair rose close to 6x greater than on US exchanges at $557 million compared with just under $100 million for BTC/KRW pairs which is 3x less than what was seen for BCH/USD pairs yesterday at around 750 million according to CoinGecko data .
BCH Performance Over Past Year
Bitcoin Cash is now in green by 110% over the past year as it continues rally despite market volatility due to its inclusion in various mainstream platforms and recent listings like EDX markets as well as increasing demand from South Korean investors .
Overall , Bitcoin cash appears well positioned for further growth in 2021 as it rides high on its recent inclusion in mainstream platforms and increased demand from South Korean investors .