In the digital currency universe, BTC Cash continues its upward trajectory, having appreciated by more than 30% in the past 24 hours. This draw-dropping climb to a 14-month high of $320 mirrors the aggressive buzz that followed the decision of Fidelity, Charles Schwab, and Citadel-backed EDX Markets to include this cryptocurrency in their trading portfolio. Data from Coindesk shows an increase of a massive 183% since the decision was implemented on June 20.
Another propellant for this intense momentum is the increase in trading activity on one of South Korea’s most significant digital asset exchanges, Upbit. An astronomical rise in the trading volume of BCH in Korean Won, nearly 3.5 times the volume of BTC and 5.5 times the BCH/USD volume on the Nasdaq-listed Coinbase exchange, is ushering in a sense of potentially high rewards tied to BCH.
EDX Markets identified BTC, ETH, LTC, and BCH as comparatively lower-risk, given their compliance with existing regulation by the U.S. Securities and Exchange Commission. EDX’s CEO, Jamil Nazarali, offered that these currencies, being offshoots of Bitcoin, are secure to trade, instigating an uptick in participation, particularly with BCH.
However, this rapid ascension of BCH has elicited discussions centered around the compelling mix of hope and a hint of greed. Lawrence Lewitinn, The Tie Director of Content, suggests this mix often pushes the crypto space’s market movements, though it may lack substantial underlying fundamentals. This pattern has led to an intriguing rise in speculations, with traders looking to capitalize on the favorable market sentiment currently surrounding BCH.
An analysis by IntoTheBlock shows a noteworthy trend: the BCH balance held by traders or ‘hodlers’ holding coins for less than a month has soared by 33% in the last 30 days. An intriguing observation, perhaps more symptomatic of sheer market sentiment than fundamentals.
The next few weeks will be a litmus test for BCH. It remains to be seen if this solid market performance is sustainable, or if it’s just another bubble waiting to burst. The chessboard is set with amalgamated elements of ambition, risk, and skepticism. Measure twice, cut once, dear traders.
Source: Coindesk
