Bitcoin cash continues to rally at a breakneck speed in the wake of Fidelity, Charles Schwab and Citadel-backed EDX Markets' decision to debut on June 20, with BCH being one of the only four coins available for trading on the exchange.
The cryptocurrency has jumped over 30% in the past 24 hours to a 14-month high of $320, taking the cumulative gain since EDX's debut on June 20 to 183%,The latest price surge is backed by a notable increase in trading activity on South Korea's most prominent digital assets exchange Upbit.show, the bitcoin cash-Korean won pair listed on Upbit has registered a trading volume of $557.63 million in the past 24 hours. That's nearly 3.
EDX Markets decided to offer BCH, BTC, ETH and LTC for trading at the launch because these cryptocurrencies are considered safe from the viewpoint of being complaint with the U.S. Securities and Exchange Commission, Jamil Nazarali, CEO of EDX Markets, said on CoinDesk's"Nazarali explained that they felt confident that litecoin and bitcoin cash, as derivatives of bitcoin, were not securities.
"Therefore, the BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space, regardless of underlying fundamentals," Lewitinn added. Onchain data show the participation of traders or speculators looking to make a quick buck from the prevailing bullish sentiment in the BCH market has increased.held by traders or wallets holding coins for less than a month has jumped by 33% in the last 30 days.
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