• Today, when BCH hit $194, the price of Bitcoin Cash soared to a one-year high, up 72% in one week.
  • BCH price rose as Bitcoin (BTC) climbed above $31,000 due to institutional-led cryptocurrency sentiment.
  • Bullish sentiment for Bitcoin Cash has also increased following the listing of BCH on Citadel-backed cryptocurrency exchange EDX Market.

Bitcoin Cash’s price surged more than 40% in 24 hours to $194 on Coinbase, before rising to a 12-month high.

As CoinJournal highlighted here, Bitcoin Cash price surged to a three-month high on Wednesday.

Why is the price of Bitcoin Cash going up?

BCH is up 72% over the past seven days, trading at the price last seen in early June last year. This is when the crypto winter and market contagion pushed the cryptocurrency from a high of $210 on June 1st to a low of $103 by the end of the month.

The Bitcoin fork cryptocurrency then dropped to a low of $89 in November as the FTX implosion caused massive cryptocurrency losses.

However, after a strong start to 2023, momentum faded as BCH/USD traded close to $154 in February. This week’s breach of the technical downtrend line coincided with the broader crypto market rally, boosted by news of BlackRock’s spot Bitcoin ETF filing. Today’s rally comes as Bitcoin reaches $31,450, its highest level since June 2022.

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

Bitcoin Cash daily chart performance. sauce: TradingView

BCH open interest increased by 79%

Open interest in BCH futures has since surged, up 79% over the past 24 hours. This follows a bullish breakout above $135 for Bitcoin Cash, newly listed on the EDX market as one of four coins on the exchange alongside Bitcoin, Ethereum and Litecoin. is.

The EDX market, which went live this week, is backed by Wall Street’s largest financial investment firms, including Charles Schwab, Fidelity Investments and Citadel.

according to data According to Coinglass, open interest in BCH exceeded $200 million as of Friday, June 23 at 3:00 pm ET. This is the highest since March 2022.

By Jules

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