Bitcoin Cash Skyrockets as EDX Markets Exchange Launches
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Bitcoin Cash (BCH) has experienced a significant surge, reaching nearly 79% in value over the past four days after being listed on the newly launched crypto exchange EDX Markets. This exchange, backed by big names in the financial industry, including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has listed BCH alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
Bitcoin Cash Records Robust Trading Volume and Increased Social Dominance
According to on-chain analytics firm Santiment, Bitcoin Cash has witnessed a surge in trading volume, hitting its highest levels since May 2022. This surge in volume has been accompanied by an increase in social dominance, reaching its highest point since 2020.
📈 With the assistance of #EDXMarkets, launched on June 20th, #BitcoinCash 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, & volume has easily eclipsed 2023 highs. https://t.co/6fz4RL28tH pic.twitter.com/MNn59zRy8T
— Santiment (@santimentfeed) June 24, 2023
Bitcoin Cash demonstrated an impressive performance over the past few days, with its value reaching a 2023 high of $221. At the time of writing, BCH has recorded a notable retreat and is trading near a 24-hour breakeven level of around $190. Over the past seven days, BCH has surged more than 80%, reclaiming its position in the top 20 cryptocurrencies. Its current market capitalization stands at $3.68 billion.
The recent market spike has attracted traders seeking to capitalize on the upward trend, leading to a remarkable increase in Bitcoin Cash’s 24-hour trading volume, surging by over 425%. This surge in trading activity is not limited to Bitcoin Cash alone; various altcoins, especially forks of Bitcoin and Ethereum, are also experiencing significant price surges.
Anticipated Halving and Future Outlook
Bitcoin Cash’s upcoming halving, expected to take place in approximately 286 days, serves as an additional positive catalyst for its recent surge. According to OKLink, the halving is scheduled for around April 6, 2024. This event will reduce mining rewards for Bitcoin Cash from 6.25 BCH to 3.125 BCH. With 41,297 blocks remaining until the halving, investors and traders are closely watching the cryptocurrency’s performance.
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