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Bitcoin Cash (BCH), the 12th largest cryptocurrency by market cap, has been on a tear lately, soaring over 30% in the last 24 hours and breaking the $300 barrier. The coin has gained a whopping 200% since June 20, when it traded at around $100.
One of the main drivers behind BCH’s rally is the launch of the EDX Markets crypto exchange, backed by prominent institutions such as Fidelity and Citadel. The exchange, which went live on June 20, chose to list BCH along with three other cryptocurrencies, signaling its confidence in BCH’s legal status and utility.
The EDX Markets listing has also increased the demand for BCH futures contracts as traders anticipate further price appreciation. According to Coinglass, a leading platform for crypto derivatives, the open interest for BCH contracts has surged to $562 million, a level not seen since May 12. The trading volume for BCH contracts has also spiked over 10 times since June 22, reaching a staggering $4.427 billion in the last 24 hours.
South Korea Fuels Bitcoin Cash Adoption
Another factor that may have contributed to BCH’s rise is the growing popularity of the coin in South Korea, one of the most active crypto markets in the world. Upbit, the country’s largest exchange, reported a BCH/KRW trading volume of over $350 million in the last 24 hours, accounting for nearly a quarter of the total BCH volume. This volume is three times higher than that of BTC/KRW on Upbit, indicating a strong preference for BCH among Korean investors.
BCH’s impressive performance has eclipsed that of its peers in the crypto space, especially Bitcoin (BTC) and Ether (ETH), which haven’t moved more than 2% in the past seven days. BCH’s technical improvements, such as faster transactions and lower fees, may have given it an edge over its rivals.
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