Bitcoin Cash (BCH) Surges 30% to Reach $300: What’s Behind the Rally?
In a surprising turn of events, the South Korean cryptocurrency exchange Upbit has emerged as a key player in the recent surge of Bitcoin Cash (BCH). According to reports from Wu Blockchain, Upbit recorded a staggering trading volume of over $350 million for the BCH/KRW pair in the past 24 hours.
South Korea may be the reason for the BCH PUMP. In the past 24h, the largest exchange in South Korea, Upbit, has recorded a trading volume of over $350 million for the BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It is also the 3x the trading volume of the…
— Wu Blockchain (@WuBlockchain) June 30, 2023
This impressive figure contributed to a significant portion of the total trading volume for BCH, accounting for 23.58%. Furthermore, the BCH trading volume on Upbit surpassed that of the BTC/KRW pair by three times. As a result, BCH has witnessed substantial gains, with a remarkable increase of 115% in the last seven days and an astonishing 160% over the course of 30 days, reaching its highest point in a year. BCH is trading at $300 at the time of writing.
Bitcoin Cash, a prominent cryptocurrency that emerged as a result of a hard fork from Bitcoin in 2017, has been gaining considerable traction in recent weeks. The surge in BCH’s value has been largely attributed to the significant trading volume recorded on Upbit, the largest exchange in South Korea. The platform’s dominance in BCH trading has undoubtedly played a crucial role in propelling the coin’s upward trajectory.
Upbit’s influence on the BCH market cannot be understated. The exchange’s immense trading volume for the BCH/KRW pair demonstrates the heightened interest and demand for Bitcoin Cash among South Korean investors. The surge in trading activity on Upbit has not only provided a significant boost to BCH but has also outpaced the trading volume of Bitcoin, the leading cryptocurrency, on the exchange. This extraordinary development has fueled speculation about the factors driving BCH’s recent surge.
South Korea has long been recognized as a major player in the global cryptocurrency market. The country’s tech-savvy population and favorable regulatory environment have contributed to its position as a thriving hub for cryptocurrency trading. South Korean investors have shown a particular interest in altcoins, often driving significant price movements for various cryptocurrencies.
The surge in Bitcoin Cash can be seen as a testament to South Korea’s influence, with Upbit’s role as the dominant exchange playing a crucial part. Upbit’s popularity and reputation have attracted a substantial number of traders, resulting in significant trading volumes that have contributed to BCH’s upward momentum.
South Korea’s prominent position in the cryptocurrency market, along with Upbit’s dominance, has undoubtedly contributed to BCH’s recent surge. While the exact reasons behind this surge remain speculative, it highlights the increasing interest and demand for Bitcoin Cash in South Korea. The ongoing rally of BCH raises important questions about the future of the coin and the role of South Korean exchanges in shaping the cryptocurrency landscape.
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