Bitcoin Cash (BCH) has experienced a remarkable surge to a one-year high early Monday, extending its rally by more than 100% in the past week. One of the four cryptocurrencies listed on the institutional-backed crypto exchange EDX Markets, BCH’s price rose by an impressive 17% in the past 24 hours, reaching as high as $226.44. This marks the highest point since May 2022, according to the CoinDesk Bitcoin Cash Price Index (BCX).
The recent price surge follows increased trading volumes and social media interest in BCH, attributes attributed to the launch of EDX Markets, which is backed by traditional finance heavyweights such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities. Alongside BCH, EDX Markets also supports bitcoin (BTC), ether (ETH), and litecoin (LTC). Crypto research firm Santiment has noted that social discussions about BCH have risen to their highest point in three years, while trading volumes this year have also reached an all-time high.
On the one hand, this increase in trading volume and social media discussions has undoubtedly brought renewed attention and investment into BCH since its launch on the EDX Markets platform. Nevertheless, it should be made clear that the network – which originally forked from Bitcoin’s blockchain in July 2017 with the intention of serving as a payment network – remains a fraction of the size of its predecessor.
To illustrate this point, over the past 24 hours, BCH transactions totaled $92 million, compared to a staggering $11 billion in BTC, as per data from BitInfoCharts. In addition, despite the recent price surge, BCH is still 95% down from its all-time high of $4,355, which was achieved in December 2017, according to CoinMarketCap.
As such, while the listing of BCH on a major crypto exchange like EDX Markets and the subsequent price rally are, no doubt, significant for investors and traders alike, it remains crucial to take these developments with a grain of salt. The currency, though enjoying renewed interest and demand, continues to pale in comparison to major players like Bitcoin.
Whether the heightened trading volumes and social media attention can translate into long-term growth and stability for BCH in the competitive and ever-changing landscape of the crypto world, only time will tell. For now, though, those invested in the asset likely welcome its newfound momentum and growth.
Source: Coindesk
