The value of Bitcoin Cash ($BCH), a cryptocurrency that was created back in August of 2017 as a result of a hard fork of the Bitcoin blockchain at the end of a years-long scaling debate, has seen its price skyrocket over the last few weeks, and is up over 160% over the last 30 days.
The cryptocurrency’s surge has some after the Fidelity, Charles Schwab, and Citadel-backed EDX Markets started trading earlier this month, with BCH being of the few cryptocurrencies trading on the nascent exchange.
The value of Bitcoin Cash is up over 200% year-to-date, seemingly with the launch of EDX Markets helping catapult the cryptocurrency’s price. Others factors supporting BCH’s rise include a fervor emanating from South Korea’s digital assets exchange Upbit, where BCH trading against the Koean Won (BCH/KRW) has witnessed a trading volue of over $550 million over the past 24-hour period.
In a measure of the energy behind this figure, it is nearly 3.5 times the trading volume of Upbit’s BTC/KRW pair, which stood at $160 million, and a colossal 5.5 times the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange. The data shows that enthusiasm for Bitcoin Cash has grown in South Korea.
EDX Markets, with an eye on compliance and navigating the intricate labyrinth of the U.S. Securities and Exchange Commission, made a calculated decision to offer Bitcoin Cash alongside BTC, ETH, and LTC at its launch. According to Jamil Nazarali, the sagacious CEO of EDX Markets, these cryptocurrencies as seen as safe in the eyes of the SEC.
As Lawrence Lewitinn, The Tie’s Director of Content said, EDX Markets is confident BCH and Litecoin ($LTC) aren’t securities because these are derivatives of the flagship cryptocurrency, created through forks of the Bitcoin blockchain.
Lewitinn described the BCH rally as a “combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space.”
Analytics firm IntoTheBlock’s data indicates a surge of 33% in the BCH balance held by traders or wallets that have been holding coins for a period shy of one month, showing that swing traders are active on the cryptocurrency’s order books.
Featured image via Unsplash.