Bitcoin Cash (BCH) continues to surge. This is according to latest data from South Korea’s crypto exchange, Upbit.
Bitcoin Cash (BCH) has witnessed a remarkable surge in value, driven by its recent listing on the institutional trading platform EDX Markets and a surge in trading activity on Upbit.
EDX Markets and institutional investors
The remarkable ascent of BCH price can be attributed to two significant factors: the emergence of EDX Markets and the growing influence of institutional investors. CAB recently reported that
EDX Markets, a newly launched trading platform that is specially created for institutional investors, has garnered widespread attention due to its backing by large financial institutions like Fidelity, Schwab, and Citadel. The inclusion of Bitcoin Cash on the platform has been perceived as a resounding vote of confidence in the market.
Upbit’s increased trading activity supports BCH surge.
The surge in Bitcoin Cash’s value was also backed by a notable increase in trading activity on Upbit, South Korea’s most prominent digital assets exchange. Up it is a centralized cryptocurrency exchange that was established in 2017 and currently offers 188 coins with 301 trading pairs.
As at the time of writing, the most active trading pair on the Upbit is BCH/KRW, with a 24-hour volume of $261,339,404.81. The surge in trading activity on Upbit indicates a growing interest in Bitcoin Cash within the South Korean market. https://upbit.com/home
Read also: What is Bitcoin Cash (BCH)?
Increased hashrate signals miners’ confidence.
BCH is trading at $296 currently. The upswing in BCH’s value has prompted miners to direct significantly more hashrate toward the network. As of June 30, 2023, data reveals that BCH’s hashrate stands at around 5.6 exahash per second (EH/s), a substantial leap from May 11, 2023’s rate of approximately 1.55 EH/s. Notably, on June 21st, there was a major spike in BCH’s hashrate.
At present, approximately 22 mining pools contribute hashpower to BCH, with Viabtc leading the charge with 603 petahash per second (PH/s). Although BCH’s current hashrate is remarkably higher than a few weeks ago, it still falls short of the all-time high of 14.36 EH/s recorded on 15 February 2020.
Bitcoin Cash Price and Market Performance
The recent surge in BCH’s value has been accompanied by a surge in trading volume, indicating increased market activity and investor interest. The 24-hour trading volume for Bitcoin Cash is reported to be $926,991,741.53, according to CoinGecko, suggesting robust market liquidity.
Notably, BCH has seen a substantial price increase of over 176% in the past 14 days, emphasizing the bullish sentiment surrounding the cryptocurrency. The monthly close at an impressive $304.2 indicates strong performance over the month of June.
However, it is important to closely monitor the price movement of Bitcoin Cash, considering the current market conditions. The Relative Strength Index (RSI) value on the weekly timeframe is 91.6, suggesting that BCH is currently overbought. In such situations, there is a possibility of price retracement, and if that occurs, the support level to watch is around $260.
On the other hand, if the bullish momentum persists, Bitcoin Cash could potentially reach the resistance level at $350. Market analysts will be closely observing these key price levels to gauge the future direction of BCH.
Credit: Solomon Victor is a Technical Analyst who is also knowledgeable about various aspects of blockchain and cryptocurrency.