Bitcoin Cash price surges 72%, hits 1-year high.

  • The price of Bitcoin Cash has reached a 1-year high, surging 72% to $194 over the past week.
  • This surge in price is due to increased institutional interest in cryptocurrencies, which has also driven the price of Bitcoin above $31,000.
  • The recent listing of Bitcoin Cash on the EDX Markets exchange, which is backed by major financial firms including Charles Schwab and Fidelity Investments, has also contributed to the bullish sentiment around the cryptocurrency.

The price of Bitcoin Cash has spiked over 40% in 24 hours to reach $194 on Coinbase, its highest level in twelve months.

As blockchain highlighted here, the price of Bitcoin Cash had already reached a 3-month high earlier in the week.

Why has the price of Bitcoin Cash gone up?

The price of BCH has risen by 72% over the past seven days, reaching levels last seen in June 2021. This is a significant recovery from the lows of $103 reached during the crypto winter and market contagion of June 2021.

After the FTX implosion catalyzed massive crypto losses, the price of the Bitcoin fork cryptocurrency slumped to lows of $89 in November.

However, a bullish start to 2023 faded and BCH/USD was trading around $154 in February. This week, the breakout above a technical downtrend line coincided with a broader crypto market rally, which was buoyed by news of BlackRock’s application for a spot Bitcoin ETF. Today’s gains came as Bitcoin reached $31,450, its highest price since June 2022.

While BTC is up 85% year-to-date, Bitcoin Cash price is slightly higher at 90% YTD.

Open interest in BCH futures has jumped by 79% in the past 24 hours, following the bullish breakout above $135 after Bitcoin Cash was listed on EDX Markets along with Bitcoin, Ethereum, and Litecoin.

EDX Markets, which was launched this week, is backed by some of Wall Street’s largest financial investment firms, including Charles Schwab, Fidelity Investments, and Citadel.

According to data from Coinglass, open interest in BCH was over $200 million as of 3 pm ET on Friday, June 23. This is the highest the metric has risen since March 2022.

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