On the night of June 29-30, the Bitcoin Cash (BCH) rate rose by 35% – from $240 to $325 – breaking a 14-month high.
At the time of writing, the asset is trading at $307. For the week, the increase was 130%.
The sharp pump is likely related to the surge in BCH trading volumes paired with the Korean Won (KRW) on the Upbit exchange. According to the data CoinGeckoover the past day, the trading turnover of the coin on the platform reached $676 million.
BCH/KRW almost 5.5 times higher than BCH/USD on Coinbase — $101 million
Analysts at IntoTheBlock also recorded the largest total BCH transaction volume of the year, exceeding $750 million.
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 #BCCH pic.twitter.com/uPdJTka5SE
— IntoTheBlock (@intotheblock) June 29, 2023
Experts suggested that the sharp increase could be due to traders who hold the asset for less than a month. The number of such investors has increased by 33% over the past 30 days.
Capitalization of BCH reached almost $6 billion, adding 33.6% in 24 hours.
Recall that in May, the developers of the project released the CashTokens update, which allows you to create digital assets within the network, including fungible and non-fungible tokens, as well as DeFi applications based on Bitcoin Cash.
Earlier, the Prime Minister of St. Kitts and Nevis Terrence Drew allowed the legalization of BCH. According to him, the cryptocurrency revolution can bring “tremendous benefits and business opportunities.”
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