Since the launch of EDX Markets, a new cryptocurrency exchange supported by companies like Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., Bitcoin cash has reportedly benefited the most.
Since EDX placed Bitcoin Cash (BCH) alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), the price of BCH has increased by around 79% in the last four days.
“Bitcoin Cash has benefited the most from EDXMarkets, which was established on June 20. Its price has increased by a staggering +79% in just 4 days. Notably, social conversation rates for BCH have reached a 3-year high, and volume has comfortably surpassed 2023 highs,” Santiment stated.
Social dominance has risen to its greatest level since 2020, however Santiment points out that BCH volume is strong and has achieved record highs for 2023.
BCH was up 35.76% in the last 24 hours at $193 at the time of writing after reaching intraday highs above $200, not seen since May 2022.
According to data from CoinMarketCap, BCH has increased by more than 80% during the last week. BCH has reentered the top 20 with a market valuation of $3.75 billion right now.
BCH’s 24-hour trading volume soared by over 425% as traders raced into the recent price rise to profit.
Following recent high-profile exchange-traded fund (ETF) filings in the U.S., Bitcoin reached its highest level in a year, igniting the rest of the market. The increasing market confidence is causing a few frequently dormant cryptocurrencies to surge. Notably, splits of Bitcoin and Ethereum are on the rise.
In the previous day, Bitcoin SV had increased by 24%. In the past 24 hours, EthereumPoW (ETHW) has increased 20% while Ethereum Classic (ETC) has increased by 13%.
Another encouraging factor is the expected halving of Bitcoin Cash in 286 days.
According to OKLink, the following Bitcoin Cash halving is anticipated to take place on or about April 6, 2024. Following that, Bitcoin Cash mining incentives will drop from 6.25 BCH to 3.125 BCH. For this event, there are now 41,297 blocks left.
