Bitcoin Cash Price Jumps to One-Year High Fueled by Spiking Social Interest, Exchange Support

With today’s 17% gain, BCH has now more than doubled in the week since it was listed on EDX Markets, a new crypto exchange backed by financial heavyweights.

AccessTimeIconJun 26, 2023 at 4:44 p.m. UTC
Updated Jun 29, 2023 at 3:02 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin Cash (BCH) surged to a fresh one-year high early Monday, extending its rally to more than 100% in the week after being one of the four cryptocurrencies listed on institutional-backed crypto exchange EDX Markets.

The token’s price rose 17% in the past 24 hours to as much as $226.44, the highest since May 2022. The CoinDesk Bitcoin Cash Price Index (BCX), which tracks the token’s price on multiple exchange venues, is now higher by 111% over the past week.

BCH has been benefiting from the launch of EDX Markets alongside rising trading volumes and social media interest, according to crypto research firm Santiment.

Backed by traditional finance heavy-weights Fidelity Digital Assets, Charles Schwab and Citadel Securities, EDX Markets opened trading last Tuesday, supporting BCH along with bitcoin (BTC), ether (ETH) and litecoin (LTC).

The sudden price move has attracted retail trader attention, with social discussions about the token rising to their highest in three years and trading volumes this year hitting a record, crypto research firm Santiment tweeted Saturday.

The Bitcoin Cash network was forked from the original Bitcoin blockchain in July 2017 and aimed to serve as a payment network. Despite early optimism, the blockchain’s traffic is dwarfed by Bitcoin’s transaction numbers. Some $92 million in BCH has been transferred in the last 24 hours, compared to $11 billion in BTC, blockchain data by BitInfoCharts show. BCH is still 95% down from its $4,355 all-time high price reached in December 2017, according to CoinMarketCap.

Edited by Stephen Alpher.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.