Bitcoin Cash (BCH) has grown 30% in the past 24 hours and hit a peak of $325, taking the cumulative gain since EDX’s debut on June 20 to 183%. This is also the highest price of Bitcoin Cash since April 2022.
The latest price surge is backed by the increase in trading volumes on Upbit, one of the popular exchanges in Korea. Data from Coingecko showed that the BCH/KRW pair on Upbit recorded trading volume of $557.63 million in the past 24 hours, which is 3.5 times higher than $160 million of the BTC/KRW pair and 5.5 times higher than $87 million of the BCH/USD pair on Coinbase.
Jamil Nazarali, CEO at EDX Markets, revealed the reason why the exchange decided to list BTC, ETH, LTC and BCH is that these cryptocurrencies are considered safe from accusations of SEC. As derivatives of bitcoin, the exchange is confident that Litecoin and Bitcoin Cash will not be labeled as securities.
On-chain data shows the participation of traders or speculators looking to make a quick buck from the prevailing bullish sentiment in the BCH market has increased. Interestingly, Korean investors are the biggest traders of Bitcoin Cash. According to analytics firm IntoTheBlock, BCH balances held by traders or wallets holding coins in less than a month have increased by 33% in the past 30 days.