Bitcoin Cash Prices Spikes to 4-Month High; Open Interest Rises to 77%

Bitcoin Cash was one of four assets listed on Citadel-backed exchange EDX this week.

AccessTimeIconJun 23, 2023 at 12:26 p.m. UTC
Updated Jun 23, 2023 at 3:53 p.m. UTC
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Bitcoin Cash (BCH) has surged by 36.5% in the past three-days after EDX, the exchange backed by Fidelity, Schwab and Citadel, listed the token alongside bitcoin (BTC), ether (ETH) and litecoin (LTC).

In the past 24-hours it has increased by more than 10% to $143, its highest level since February, according to CoinDesk data.

Open interest, a metric used to assess the nominal value of open trades on a specific asset, has risen by 77% to a nine-month high $135 million according to Coinalyze data.

The rise in open interest suggests a shift in positive sentiment with hopes that the asset can experience institutional adoption after being listed on EDX.

Bitcoin Cash open interest (Coinalyze)
Bitcoin Cash open interest (Coinalyze)

Bitcoin Cash was issued in July 2017 after it forked the original Bitcoin's blockchain. It made a record high of $2,947 during the peak of the 2017 bull market. However, despite early optimism, adoption of Bitcoin Cash as a payments network has paled into insignificance compared to its sibling.

Over the past seven days, the total amount of transactions on the Bitcoin Cash network worth more than $100,000 is at $129 million. Bitcoin, meanwhile, has facilitated $75 billion in transactions during the same period, according to IntoTheBlock data.

Edited by Parikshit Mishra.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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