After the launch of EDX, the price of Bitcoin Cash doubled!
Bitcoin Cash (BCH), which has been hovering around $100 since mid-2022, has soared above $220 after listing on a new cryptocurrency exchange.
EDX Markets
On June 20, the new exchange EDX Markets officially announced the launch of trading services, and supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash (BCH) transactions. The new exchange is getting a lot of attention with funding from financial giants like Charles Schwab, Citadel Securities, and Fidelity Digital Assets.
While Bitcoin, Ethereum, and Litecoin have performed equally strongly over the past few days, their gains have been significantly lower than bitcoin cash. Bitcoin Cash emerged as the biggest beneficiary of the crypto market. Analysts attribute this BCH price surge to EDX support for BCH transactions.
Bitcoin Cash
Bitcoin Cash is a hard fork of Bitcoin, the product of the 2017 block size war. Bitcoin’s blockchain has scalability issues as it cannot handle the increased number of transactions. This is mainly due to Bitcoin’s 1MB block size limit.
The creators of BCH wanted to increase the block size within the blockchain so that more transactions could be stored — — In theory, more transactions per block would lower transaction fees. Other developers didn’t think this was the right approach, so BCH developers created a fork from the Bitcoin blockchain.
The biggest difference between BCH and BTC is their block size. The block size of BTC is 1MB; BCH continues to increase its block size: the block size in 2018 is 8MB; in June 2022, it has been expanded to 32MB. This means that BCH can process more transactions, making it faster and cheaper.
With the help of EDX Markets, Bitcoin Cash has become the biggest beneficiary.
Next, let’s analyze what changes the BCH blockchain network has experienced in the past few days.
Bitcoin Cash Market Performance
As of now, the circulation of Bitcoin Cash is slightly more than 19.43 million, ranking 16th in the market value of cryptocurrencies, with a market value of $4.46 billion. Since mid-June, BCH has started an upward trend. After the EDX Markets listing was announced, the BCH price more than doubled, making it one of the highest gainers among the top 20 cryptocurrencies. The latest data shows that the price of BCH has exceeded $227.
Traders also began to flood the market, with BCH trading volumes easily reaching 2023 highs. The daily transaction volume of BCH has increased by more than 300% in the past week. BCH large-value transfers began to increase frequently. According to the data on the chain, on June 27, there were a total of 224 large transfers of BCH each exceeding 1,000 BCH.
As a PoW chain, the BCH network still receives the attention of most miners and crypto asset investors. Although Bitcoin’s overall network computing power continues to rise, BCH computing power has risen sharply since June 20. In addition, the difficulty of mining has also soared, even reaching 378.71 (G), a new high in the past two years.
In conclusion
With the help of EDX Markets, BCH currently outperforms most of the top digital assets. As the activities on the chain continue to increase, the data of BCH will still maintain an upward trend, and its market outlook is still very optimistic.
In addition, it is worth noting that BCH’s social discussion rate has hit a 3-year high, and it is believed that as more and more institutional investors pay attention to the network, BCH’s social dominance is expected to rise further in the coming months.
