Bitcoin Money (BCH) rallied to a 14-month excessive of over $320 after rising by 35% within the final 24 hours, in line with CryptoSlate knowledge.
Since June 20, the digital asset has loved renewed curiosity because it is without doubt one of the 4 cryptocurrencies obtainable on EDX Markets—a crypto change backed by conventional monetary giants like Constancy, Schwab, and Citadel Securities.
Moreover, the EDX launch coincided with a wave of institutional corporations’ purposes for a Bitcoin spot ETF triggered by BlackRock’s June 15 utility.
Attributable to this flurry of actions, BCH’s worth has greater than doubled in worth, rising to $308 as of press time from $127.90 recorded on June 21.
South Korean exchanges buying and selling quantity soars
In a June 30 tweet, Wu Blockchain attributed BCH’s pump to curiosity in South Korea.
Wu reported that South Korea’s greatest change UpBit was answerable for roughly 24% of BCH’s whole buying and selling quantity, making it essentially the most traded asset on the platform.
Information from CoinMarketCap corroborates this, exhibiting that UpBit’s BCH/KRW buying and selling pair has recorded a buying and selling quantity of over $620 million over the last 24 hours. That is 4 occasions greater than its BTC/KRW pair buying and selling quantity, which stood at $169.4 million as of press time.
In the meantime, different exchanges’ buying and selling quantity, together with Binance, OKX, and Coinbase, exhibits that BCH is closely traded throughout these platforms.
In a June 29 tweet, IntoTheBlock additional identified that BCH noticed its highest quantity in a yr, exceeding $750 million.
The information aggregator added the next:
“Our ‘Stability by Time Held’ indicator reveals one thing intriguing. Notably, this quantity surge may largely be attributed to merchants who’ve held BCH for lower than a month, rising by 33% within the final 30 days.”
Apart from that, the community transaction quantity has additionally risen to 2.60 million as of press time, in line with OKlink knowledge.
BCH mining problem rises
In the meantime, extra knowledge from OKlink exhibits that BCH’s community mining problem has trended greater since its worth surge.
Its mining problem is presently at 464.78G, whereas its hash price is 3.1EH/s.
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