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Bitcoin Cash prices are on a tear at the moment and South Korea could be driving the momentum. Furthermore, the Bitcoin offshoot has more than doubled in price over the past week.
On June 30, industry analyst Colin Wu correlated the Bitcoin Cash price pump with trading activity on South Korean exchanges.
South Koreans Driving Bitcoin Cash Rally
Wu noted that South Korea may be the reason for the Bitcoin Cash pump.
Over the past 24 hours, South Korea’s largest crypto exchange Upbit has recorded huge trading volumes on the BCH/KRW pair. More than $350 million in volume has accounted for almost a quarter of the total volume for BCH for the period, he said.
CoinGecko data shows a 24-hour BCH volume of $545 million, or 27% of the total volume on the exchange. Furthermore, it is the most traded asset on Upbit at the time of writing.
South Korean exchange Bithumb is also seeing large volumes of Bitcoin Cash in local currency trading. The pair has had $33 million in 24-hour volume and is second only to BTC/KRW on Bithumb.
As a result, Bitcoin Cash prices have surged a whopping 31% over the past 24 hours. This has enabled BCH to top $300 for the first time since April 2022.
Moreover, BCH is up a whopping 186% over the past fortnight. Despite the massive market momentum, BCH remains down 92% from its December 2017 all-time high of $3,785.
Conversely, its big brother Bitcoin from which it was spawned, has only managed a 2% gain on the day.
Momentum may have been driven by the relatively low value of BCH compared to its ‘big brother’ Bitcoin. There is also the premise that if the SEC doesn’t consider Bitcoin a security, it could apply the same thinking to Bitcoin Cash.
Other Altcoins Ripping Today
Bitcoin’s other sibling, Litecoin, has also been on a rip. LTC surged 14% on the day to reach $95.56 at the time of writing. However, it still remains a long way down from its peak price of $410 in May 2021.
Solana (SOL) is also on a tear, having surged 18% on the day to reach $18.93 at the time of writing.
SOL was crushed in the wake of the FTX collapse and remains 93% down from its all-time high.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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