Bitcoin Cash (BCH) continues to rally at breakneck speed after Fidelity, Charles Schwab and Citadel-backed EDX Markets decided to make their debut on June 20, with BCH being one of the only four coins to trade on the exchange can become.
The cryptocurrency is up over 30% in the past 24 hours to a 14-month high of $320, taking its cumulative gain to 183% since EDX debuted on June 20, data from CoinDesk showed .
The recent price surge is being helped by a significant uptick in trading activity on South Korea’s premier digital asset exchange, Upbit.
Data collected by Coingecko shows that the bitcoin cash Korean won pair (BCH/KRW) listed on Upbit saw a trading volume of $557.63 million in the last 24 hours. That’s almost 3.5 times the $160 million volume in Upbit’s BTC/KRW pair and 5.5 times the $87 million BCH/USD volume in the Nasdaq-listed pair Exchange Coinbase.
The data shows that the excitement generated by BCH’s listing on an exchange backed by prominent institutions has reached the Far East as well.
EDX Markets has decided to offer BCH, BTC, ETH and LTC for trading at launch as these cryptocurrencies are considered safe pending a complaint with the US Securities and Exchange Commission, EDX Markets CEO Jamil Nazarali said CoinDesk’s “First Mover” program on June 20th.
“Nazarali stated that they are confident that Litecoin and Bitcoin Cash, being derivatives of Bitcoin, are not securities. While there’s some interest, it’s not substantive,” Lawrence Lewitinn, content director and moderator of The Tie, said in Wednesday’s edition of the newsletter.
“Hence, the BCH rally can be seen as a combination of hope and a tinge of greed, two of the ingredients that often drive market moves in the cryptocurrency space, regardless of the underlying fundamentals,” Lewitinn added.
On-chain data shows that there has been an increase in participation from traders or speculators looking to make a quick buck with the prevailing bullish sentiment in the BCH market.
According to analytics company IntoTheBlock: the BCH balance Inventory from merchants or wallets holding coins for less than a month has increased by 33% over the past 30 days.