The price of Bitcoin Cash (BCH) has reached its highest level in the past year, hitting $194 and recording a 72% increase over the week. The surge in BCH’s price is attributed to the positive sentiment in the overall cryptocurrency market, with Bitcoin (BTC) surpassing $31,000. Additionally, the listing of BCH on the Citadel-supported crypto exchange EDX Markets has further fueled bullish sentiment for the digital asset.

In early June of last year, Bitcoin Cash experienced a significant downturn during the crypto winter and market contagion period, dropping from $210 to $103. It then slumped to $89 in November. However, BCH has rallied this year, trading around $154 in February and now soaring to $194. The recent breakout above a technical downtrend line coincided with the broader crypto market rally, spurred by BlackRock’s application for a Bitcoin ETF.

Why has the price of Bitcoin Cash risen?

Bitcoin Cash has seen a 72% increase in the past week, reaching price levels last seen in June 2022. After facing setbacks due to the crypto winter and the FTX implosion, BCH experienced a bullish start to 2023. The recent surge in price is a result of the overall positive market sentiment, with Bitcoin leading the way. Despite rising 85% year-to-date, BTC is slightly outperformed by BCH, which has gained 90% in the same period.

BCH open interest surges by 79%

In the past 24 hours, BCH Futures open interest has jumped by 79%. This increase follows the listing of Bitcoin Cash on EDX Markets, a newly-launched exchange backed by Charles Schwab, Fidelity Investments, and Citadel. As of June 23, the open interest in BCH reached over $200 million, the highest level since March 2022.

Summary

The price of Bitcoin Cash (BCH) has surged to a 1-year high, reaching $194 and recording a 72% increase over the week. The positive market sentiment, driven by Bitcoin’s rally and the listing of BCH on EDX Markets, has contributed to the significant price surge. BCH open interest has also seen a substantial increase, rising by 79% in the past 24 hours.

FAQs

What is Bitcoin Cash?

Bitcoin Cash (BCH) is a digital cryptocurrency that was created as a result of a hard fork from the original Bitcoin (BTC) network. It was developed to address scalability issues and provide faster and cheaper transactions compared to Bitcoin.

How is the price of Bitcoin Cash determined?

The price of Bitcoin Cash is determined by supply and demand dynamics in the cryptocurrency market. Factors such as market sentiment, adoption, regulatory developments, and overall interest in cryptocurrencies can influence the price of BCH.

What is open interest in the context of cryptocurrency trading?

Open interest refers to the total number of outstanding futures contracts or options contracts that have not been settled or closed. It is an indicator of market participation and can provide insights into the overall market sentiment and potential future price movements.

What is EDX Markets?

EDX Markets is a crypto exchange backed by financial investment firms such as Charles Schwab, Fidelity Investments, and Citadel. It offers trading services for various cryptocurrencies, including Bitcoin Cash, Bitcoin, Ethereum, and Litecoin.