Bitcoin Cash Price Prediction as $1.2 Billion Pushes BCH Up 75% in a Week – What's Going On?
Bitcoin Cash (BCH) has witnessed an extraordinary price surge, soaring by 75% in a mere week. This notable ascent has been accompanied by a substantial inflow of $1.2 billion in trading volume.
Bitcoin Cash's recent remarkable upward trend can largely be attributed to its listing on the EDX exchange.
EDX is a trading platform supported by prominent financial institutions such as Fidelity, Schwab, and Citadel.
This listing has amplified market interest and spurred a surge in the value of Bitcoin Cash over the past three days, where it experienced a remarkable increase of over 50%.
As Bitcoin Cash maintains its upward momentum, investors eagerly scrutinize the catalysts behind this surge, and its price prediction.
According to Coinalyze, the open interest for Bitcoin Cash (BCH) has surged by an impressive 77%, reaching a nine-month high of $135 million.
This significant increase indicates a shift in positive sentiment towards BCH, driven by the anticipation of potential institutional adoption following its listing on EDX.
Bitcoin Cash emerged in July 2017 due to a split from the original Bitcoin blockchain. It experienced a notable surge during the 2017 bull market, reaching a record high of $2,947.
However, compared to its counterpart Bitcoin, Bitcoin Cash has faced challenges in achieving widespread adoption as a payment network.
In the past week, the total value of Bitcoin Cash transactions exceeding $100,000 has reached a significant $129 million.
In contrast, Bitcoin has processed an incredible $75 billion worth of transactions during the same period.
These figures highlight the differences in transaction volumes between the two cryptocurrencies.
The rise in open interest indicates growing optimism about Bitcoin Cash's
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