In recent days, Bitcoin Cash (BCH) has seen a significant surge of 36.5%, following its listing on EDX, an exchange backed by giants like Fidelity, Schwab, and Citadel. The token now stands alongside other prominent cryptocurrencies like bitcoin (BTC), ether (ETH), and litecoin (LTC). Over the past 24 hours alone, BCH has increased by more than 10% to reach $143, its highest level since February, as shown by CoinDesk data.
Open interest, a crucial metric used to measure the nominal value of open trades on a specific asset, has risen by a staggering 77% to reach a nine-month high of $135 million, as per Coinalyze data. This increase in open interest points to a more optimistic outlook, with many hoping that the asset will experience institutional adoption now that it is listed on EDX.
Born in July 2017, Bitcoin Cash emerged after a fork of the original Bitcoin’s blockchain. It reached a record high of $2,947 during the peak of the 2017 bull market. However, despite early enthusiasm, the adoption of Bitcoin Cash as a payments network has significantly lagged compared to its sibling.
In the past week, the total amount of transactions worth over $100,000 on the Bitcoin Cash network was $129 million. Conversely, Bitcoin facilitated a staggering $75 billion in transactions during the same period, as reported by IntoTheBlock data. This vast difference highlights the continued dominance of Bitcoin over Bitcoin Cash in terms of transaction volume.
On one hand, enthusiasts of Bitcoin Cash argue that it still has room for growth, especially since it has now gained greater visibility and credibility through its listing on a major exchange like EDX. They assert that this development could play a pivotal role in drawing institutional interest and investments towards the asset.
On the other hand, skeptics continue to doubt the currency’s future prospects as they cite the persistent gap between Bitcoin Cash and its older sibling, Bitcoin. Moreover, critics express concerns over the persistently low transaction volume, questioning whether the asset can realistically compete with Bitcoin and other prominent cryptocurrencies in the long run.
Regardless of the different viewpoints, the recent surge in Bitcoin Cash’s value and increased open interest are undeniably noteworthy developments within the crypto landscape. As the story continues to unfold, the crypto community will be keeping a keen eye on how Bitcoin Cash’s trajectory evolves following its listing on EDX and how it fares in comparison to its well-established counterparts.
Source: Coindesk
