Bitcoin Cash (BCH), a cryptocurrency that is a fork of Bitcoin (BTC), has surged more than a whopping 107% over the past seven days following the latest rush of spot bitcoin exchange-traded fund (ETF) proposals in the United States along with the launch of EDX Markets, a non-custodial cryptocurrency exchange for four cryptocurrencies including BTC and BCH.
Bitcoin Cash (BCH) has seen a dramatic rise both in the daily and weekly charts. According to CoinMarketCap, BCH is up nearly 14% in the last 24 hours to trade at $219.75. Meanwhile, the digital token soared more than a staggering 107% over the past seven days.
This comes at a time when the BTC price has restricted its movement sideways after breaching the $30,000 mark. Since the past few days, Bitcoin (BTC) has been surfing the $30K wave after the largest digital asset hit above $31K momentarily on June 23. At the time of writing, BTC is trading with gains, rising 0.12% in the last 24 hours.
Why Is Bitcoin Cash Pumping?
Amid the broader market frenzy of ups and downs, BCH has posted a substantial upsurge as the BTC hard fork shot up by more than 107% following BlackRock’s application for a Bitcoin spot ETF with the US Securities and Exchange Commission (SEC) and the launch of EDX Markets.
It seems the spot Bitcoin ETFs applications have managed to catapult the prices for a bunch of other cryptocurrencies, including Bitcoin namesakes and tokens that were developed as a substitute for the biggest cryptocurrency in the world. Since June 15, Bitcoin (BTC) blockchain spinoffs such as Bitcoin Cash (BCH) and Bitcoin SV (BSV) have enjoyed a bullish momentum, creating an optimistic sentiment in the cryptocurrency market.
Crypto exchange EDX Markets is expected to go live Tuesday https://t.co/RSnHY1w0Kf
— The Wall Street Journal (@WSJ) June 20, 2023
Besides the Bitcoin ETF’s, another primary can be attributed to the recent BCH rally. As per experts, the launch of EDX Markets, a platform for institutional investors, appears to be the primary driver behind Bitcoin Cash’s recent price pump.
EDX Markets is a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab. It supports spot trading activities for only four cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
BCH Buckels Up To Take On ETH DeFi Supremacy
Bitcoin Cash has been continuously tweaking its network performance over the past few years, making the network more secure, reliable, and user-friendly. In May 2023, BCH devs announced a major update along with the release of the node version that would focus more on the interface with more corrections and improvements.
Binance will support the Bitcoin Cash (BCH) network upgrade at 2023-05-15 12:00 (UTC). This upgrade mainly adds the CashTokens issuance token mechanism similar to ERC20, and also adds P2SH32, which expands the P2SH address from 20 to 32 for better security.…
— Wu Blockchain (@WuBlockchain) May 14, 2023
One of the key features of the upgrade was the addition of a token issuance mechanism similar to ERC20 called “CashTokens,” challenging to take on the Ethereum decentralized finance (DeFi) market, enabling developers to launch smart contracts, non-fungible tokens (NFT), and decentralized applications (dApps) on the network.
