Bitcoin Cash (BCH) Surges by 82% in a Week, Late Investors are Flocking to Another AI Crypto Signal Platform
Bitcoin Cash (BCH) has witnessed a remarkable surge in price, skyrocketing by 82% in just one week. This surge was accompanied by a significant influx of $1.2 billion in trading volume.
The listing of Bitcoin Cash on the EDX exchange played a pivotal role in driving this impressive upward trend.
The EDX exchange, backed by prominent financial institutions like Fidelity, Schwab, and Citadel, listed Bitcoin Cash, contributing to heightened market interest. This listing has led to a surge of over 110% in the value of Bitcoin Cash in recent days.
Bitcoin Cash has witnessed a spike in open interest, indicating increased speculative and hedging activities surrounding BCH.
Traders and investors are taking positions in anticipation of further price appreciation. According to Coinalyze, BCH has experienced a 429.04% surge in open interest, reaching a 25-week high of $296.53 million.
The rise in open interest in Bitcoin Cash indicates growing optimism about its future, particularly in terms of institutional adoption.
The increasing confidence among institutional investors is expected to enhance BCH's liquidity, market demand, and overall value.
The upward trajectory of Bitcoin Cash and other cryptocurrencies can also be attributed to positive market sentiment and supportive industry developments.
The interest of institutional players such as BlackRock, with its $9 trillion assets under management, has been identified as a key driver for Bitcoin prices.
BlackRock's application for a Bitcoin spot exchange-traded fund (ETF) with the SEC further validates the increasing institutional interest.
Last week, the BCH/USD pair experienced a significant surge of over 110% within a span of five days, propelling its price above $220 for the first time
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