Bitcoin Cash (BCH) has experienced an impressive surge of 166.3% over the past two weeks, solidifying its position as one of the top gainers in the second quarter of 2023.
Coingecko’s latest report takes an in-depth look into the history of BCH, explores the factors contributing to its recent price surge, and examines its unique characteristics compared to Bitcoin.
Bitcoin Cash, derived from the original Bitcoin blockchain, strives to be recognized as the cash variant of Bitcoin, integrating versatile features that improve its usability for regular financial transactions in accordance with Satoshi Nakamoto’s original intent.
During June 2023, BCH witnessed significant price growth primarily because it joined the EDX market as one of the first four assets listed on that platform. Including Bitcoin, Ethereum, and Litecoin in this venture represents a noteworthy accomplishment for the world of digital currencies.
EDX Markets seeks to close the distance between conventional finance and the cryptocurrency industry by facilitating connections between influential entities in both fields. By undertaking this initiative, it aims to merge traditional financial practices with the world of cryptocurrencies, ensuring security for both mainstream and native investors.
A united and flourishing community kickstarted Bitcoin’s expedition, undertaking a comprehensive exploration of both the potential of the Bitcoin blockchain technology and its accompanying virtual currency.
Bitcoin’s functionality gave rise to conflicting ideologies among its proponents, causing fractures within its community. Ultimately, these divisions culminated in the introduction of BCH and signaled an end to the era when everyone shared a common belief about what this cryptocurrency represented.
Bitcoin Cash (BCH) Soars: 200% Surge In June 2023
On the final day of June 2023, Bitcoin Cash reached a yearly high of $320, marking an impressive 200% increase from its opening price of $110 at the beginning of the month.
The market cap of Bitcoin Cash has surpassed $6 billion, while daily trading volume soared from an average of $52 million to over a billion dollars in the closing weeks of June, reflecting a remarkable 20-fold increase.
On-chain metrics have also experienced growth, with the number of Bitcoin Cash holders surpassing 22 million. The mining difficulty has increased to over 390G, and the hashrate exceeded 3.1EH/s on June 30, 2023.
It is worth noting that Litecoin, Bitcoin, and Bitcoin SV have also witnessed growth during this period. While the precise catalyst for this significant growth remains speculative, the launch of EDX Markets is the most likely driving force.
Related Reading | XRP’s Social Dominance Declines, Setting The Stage For Potential Rally