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.
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)](https://www.coindesk.com/resizer/o7KkmRxG3on9A-ZrQsnqaas0Z4s=/560x301/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7542RNDOAVEZTLHIRC3V2HLFMU.png)
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.