• Bitcoin Cash (BCH) price reached a 1-year high of $194 on Coinbase
• BCH surged 72% over the last week, boosted by listing on EDX Markets and BTC’s rally past $31,000
• BCH Futures open interest jumped 79% in 24 hours to its highest level since March 2022
Bitcoin Cash Price Reaches 1-Year High
Bitcoin Cash (BCH) price surged to a 1-year high today when it hit $194 on Coinbase, up 72% over the week. This surge was driven by institutional-driven crypto sentiment that pushed Bitcoin (BTC) above $31,000. The listing of BCH on the Citadel-backed crypto exchange EDX Markets also contributed to its bullish momentum.
What Caused the Surge in Bitcoin Cash Price?
The surge in Bitcoin Cash price came after it had broken out of a technical downtrend line that coincided with the broader crypto market rally, which was bolstered by news of BlackRock’s application for a spot Bitcoin ETF. In addition, open interest in BCH futures has also increased significantly as it jumped 79% in 24 hours to its highest level since March 2022.
Previous Performance of Bitcoin Cash
Prior to this week’s breakout, Bitcoin Cash price had dropped from highs of $210 on June 1 to lows of $103 at the end of June 2020 due to market contagion caused by Crypto Winter. It then slumped further to lows of $89 in November 2020 following the FTX implosion. Despite a bullish start for 2023 where BCH/USD traded around $154 in February, its performance faltered until this week’s breakout.
Impact of EDX Markets Listing
The listing of BCH on EDX Markets has played an important role in driving up prices for Bitcoin Cash as institutional investors such as Charles Schwab, Fidelity Investments and Citadel back this newly launched exchange. As per Coinglass data reported at 3pm ET on Friday 23rd June 2021 open interest in BCH was recorded at over $200 million – the highest it has risen since March 2022.
Conclusion
All factors considered, it appears that both institutional investor sentiment and more specifically listing on EDX Market have been major drivers behind this surge in Bitcoin Cash prices towards their 1 year highs seen today. With all eyes now fixated firmly upon future performance given these developments; only time will tell if these gains can be held or not.