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Leading South Korean cryptocurrency exchange – Upbit – recorded a trading volume of over $350 million for the Bitcoin Cash (BCH)/Korean Won (KRW) pair in the past 24 hours. In comparison, trades involving bitcoin (BTC) have been three times lower.
BCH has been one of the best performers in the crypto market recently, with its USD valuation gaining over 180% in the past two weeks.
BCH grabs the attention of Koreans
As disclosed by Woo Blockchain, BCH/KRW trades accounted for about 24% of the total trading volume in the previous day on South Korea’s largest cryptocurrency exchange.
South Korea may be the reason for the BCH pump. Over the past 24 hours, South Korea’s largest exchange, Upbit, recorded a trading volume of over $350 million for BCH/KRW, accounting for 23.58% of the total trading volume for BCH. It is also 3 times its trading volume…
-Wu Blockchain (@WuBlockChain) 30 June 2023
According to data from coingecoThe latest figures are even more impressive, with BCH/KRW trading volume equal to over $560 million in the last 24 hours. Trading with Solana (SOL) is in second place with 8.4%, while Bitcoin (BTC) is in third, contributing 7.8% of the total volume.
Bitcoin Cash has also been highly popular on other Korean crypto platforms. The BCH/KRW trading volume on Bithumb on a daily basis is Enhanced up to $39 million. Trades involving BTC are in first place with gains of only $300,000.
Bitcoin Cash’s Recent Rally
The asset recently crossed the $300 mark, the price was last seen in April 2022. Even more impressive is that its USD valuation was hovering around $100 only two weeks ago.
A possible reason behind the rise could be the launch of Wall Street-backed crypto exchange EDX Markets went live On 21st June. The platform, which is backed by finance giants such as Fidelity Digital Assets, Citadel Securities and Charles Schwab, offers services with four cryptocurrencies, of which BCH is one of them.
Bitcoin Cash was also not included in the SEC’s list of alleged unregistered securities when it filed a lawsuit against Binance and Coinbase earlier this month.
Another factor could be the overall revival of the cryptocurrency market. The industry was boosted by optimistic news, such as BlackRock’s filing and the Federal Reserve’s decision to launch a spot bitcoin exchange-traded fund (ETF) in the United States. halt Interest hike for the first time after March 2022.
As mentioned above, blockchain journalist Colin Wu believes there may be another factor behind BCH’s massive surge.
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