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CDS Crypto News Bitcoin Cash (BCH) Sees Remarkable Surge of 79% Following EDX Markets Launch

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Bitcoin Cash (BCH) Sees Remarkable Surge of 79% Following EDX Markets Launch

According to Santiment, a prominent on-chain analytics firm, Bitcoin Cash (BCH) has emerged as the biggest gainer after the recent launch of EDX Markets, a new cryptocurrency exchange supported by prominent firms such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

Ecem ALKAN24/06/20231 Mins read698

Bitcoin Cash (BCH) Sees Remarkable Surge of 79% Following EDX Markets Launch

According to Santiment, a prominent on-chain analytics firm, Bitcoin Cash (BCH) has emerged as the biggest gainer after the recent launch of EDX Markets, a new cryptocurrency exchange supported by prominent firms such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

Since being listed alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) on EDX, Bitcoin Cash has experienced a remarkable surge of nearly 79% within just four days. Santiment’s data reveals that BCH has reached a three-year high in terms of social discussion rates, and its trading volume has easily surpassed the highs seen in 2023.

The surge in BCH’s social dominance and robust trading volume has had a significant impact on its price. At the time of writing, BCH has reached intraday highs above $200, a level not seen since May 2022. It is currently up 35.76% in the last 24 hours, trading at $193. Over the past week, BCH has gained more than 80%, according to CoinMarketCap.

As a result of this surge, Bitcoin Cash has reentered the top 20 cryptocurrencies by market capitalization, currently standing at $3.75 billion. The heightened market activity has led to a substantial increase in BCH’s 24-hour trading volume, which has risen by over 425%.

The positive sentiment in the market, driven by Bitcoin’s recent surge to its highest level in a year following the filing of high-profile exchange-traded fund (ETF) applications in the U.S., has also had a ripple effect on other altcoins. Notably, forks of Bitcoin and Ethereum have witnessed significant gains, with Bitcoin SV rising by 24% in the last 24 hours, while Ethereum Classic (ETC) and EthereumPoW (ETHW) have seen increases of 13% and 20% respectively.

Looking ahead, Bitcoin Cash’s upcoming halving, expected to take place in approximately 286 days, remains a positive catalyst. The halving event, projected to occur around April 6, 2024, will result in a reduction of mining rewards from 6.25 BCH to 3.125 BCH. Currently, there are 41,297 blocks remaining until this milestone is reached.