Bitcoin Cash (BCH) has climbed above $320, a 14-month high, after gaining 35% over the past 24 hours, according to reports. crypto slate data.

Since June 20, the digital asset is one of four cryptocurrencies available on EDX Market, a cryptocurrency exchange backed by traditional financial giants such as Fidelity, Schwab and Citadel Securities. is gaining renewed interest.

Additionally, the EDX launch coincided with a wave of institutional bitcoin spot ETF applications in the wake of BlackRock’s June 15 filing.

This series of actions has more than doubled the value of BCH, from $127.90 recorded on June 21st to $308 at the time of writing.

South Korean exchange trading volume soars

on June 30th TweetWu Blockchain attributed the BCH pump to its interest in South Korea.

Woo reported that South Korea’s largest exchange, UpBit, accounts for about 24% of BCH’s total trading volume, making it the most traded asset on the platform.

data Data from CoinMarketCap confirms this, showing that UpBit’s BCH/KRW trading pair has recorded over $620 million in trading volume over the past 24 hours. This is four times the trading volume of the BTC/KRW pair ($169.4 million at the time of writing).

On the other hand, the trading volumes of other exchanges such as Binance, OKX and Coinbase show that BCH is frequently traded across these platforms.

on June 29th TweetIntoTheBlock also noted that BCH surpassed $750 million, marking the highest trading volume for the year.

bitcoin cash
Source: Into the Block

The data aggregator added:

The “Balance by holding time” indicator reveals something interesting. Notably, this surge in volume was primarily due to BCHMore A 33% increase in the last 30 days in less than a month. ”

In addition, network transaction volume has also increased to 2.6 million as of this article, according to OKlink. data.

Increased difficulty of BCH mining

Meanwhile, additional data from OKlink show BCH network mining difficulty has been on the rise since the price surge.

The current mining difficulty is 464.78G and hash rate is 3.1EH/s.

BCH mining difficulty
Source: OKLink

Post-Bitcoin Cash surged above $300, a 14-month high, as the hashrate surge first appeared on CryptoSlate.

By Jules

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