BCH rate updates its high since April 2022

The growth of the asset began after the launch of the EDXM institutional crypto exchange

30.06.2023 - 11:45

3 min

What’s new? The rate of Bitcoin Cash (BCH) increased by 119,2% between June 23 and 30. It was as high as $312,77 on the night of June 29-30, with a daily gain of 30%, according to Binance. This price level was previously seen in April 2022. At the time of writing the news, the value of BCH has corrected to $303,36.

Binance’s data

What is going on with BCH? The rapid growth of the asset began after Fidelity, Citadel, and Schwab financial corporations launched EDXM, a crypto exchange for institutional investors, on June 20. The platform has been offering spot trading of Bitcoin Cash, along with Bitcoin, Litecoin, and Ethereum, from the first day of operation. BCH gained 103,3% between June 20 and 25, and Santiment analysts noted a surge in the altcoin’s popularity on social networks.

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On June 29, analysts at IntoTheBlock recorded the highest daily volume of transactions with BCH for the year (more than $750 million). According to their data, this surge can largely be attributed to traders who hold the asset for less than a month. Over the past 30 days, the number of such investors has increased by 33%.

2/2 Our 'Balance by Time Held' indicator reveals something intriguing. Notably, this volume surge could largely be attributed to traders who have held $BCH for less than a month, increasing by 33% in the last 30 days. 🔗 https://t.co/LRHsUWYENz #BCH pic.twitter.com/uPdJTka5SE — IntoTheBlock (@intotheblock) June 29, 2023

On May 15, a hard fork took place in the Bitcoin Cash network, which added support for smart contracts and the ability to issue tokens. The upgrade also increased the privacy and security of the blockchain. Back then the daily growth of the asset was 4,3%.

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