Bitcoin Cash price spikes to 14-month high

June 30, 2023 anon Market Analysis
Blockonomics
Bitcoin Cash price spikes to 14-month high
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Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase.
BCH upside momentum has increased since Wall Street-backed EDX listed the coin alongside BTC, ETH and LTC.
A spike in volume on South Korea exchange Upbit helped push CBH price higher on Friday.

Bitcoin Cash rallied to its highest price in 14 months on Friday morning, trading at highs of $326 on US-based crypto exchange Coinbase.

Why is BCH price rallying today?

Bitcoin Cash had stagnated below $165 since dipping below the level in June last year. However, with Bitcoin rallying to above $31k amid bullish sentiment buoyed by BlackRock’s spot ETF filing, BCH roared to a one-year high.

The bulls have been relentless since, with price crossing the psychological $300 mark today with more than 30% gains in 24 hours. The cryptocurrency has rallied nearly 200% over the past two weeks, and is now in the green by 110% over the past year.

Phemex

It is notable that the price of BCH had raced to a new year high last week after EDX Markets, a new crypto exchange backed by major Wall Street companies including Fidelity and Charles Schwab, listed Bitcoin Cash. EDX only lists three other coins – BTC, ETH and LTC.

Enthusiasm across the BCH community from this listing has added to the upside momentum. On Friday, the positive outlook on the cryptocurrency’s potential saw volume spike on a leading South Korea-based crypto platform.

As crypto markets bid to hold onto the positive sentiment, Bitcoin Cash appears to be getting some extra leg from South Korea. Over the past 24 hours, the BCH/KRW pair on crypto exchange Upbit rose to $557 million, more than thrice the volume of BTC/KRW and nearly 6x greater than BCH/USD.

Data from CoinGecko shows daily trading volume across all exchanges has increased 165% in the past 24 hours to over $2.4 billion. As IntoTheBlock points out, BCH volume rose to above $750 million on Thursday, a one-year high.

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