Introduction

Bitcoin Cash (BCH), a cryptocurrency that originated as a fork of Bitcoin, aims to enhance the efficiency of transactions for both individuals and businesses. It has remained a prominent player in the top 50 cryptocurrencies on market capitalization.

Price Surge

In Q2 of 2023, BCH has seen a dramatic rise of 104% in price, which can be attributed to its listing on EdX Markets.

Altitude Value

As CoinGecko reports, in June 2023, Bitcoin Cash (BCH) witnessed a remarkable boom, reaching a yearly high of $320, which is a huge increase of almost 200% from its opening price of $110 at the start of the same month. The market capitalization of Bitcoin Cash also crossed 6 billion during this period. Moreover, the daily trading volume is higher than the average of 52 million dollars, reaching over a billion dollars in the final weeks of June.

Even looking at the past week, CoinMarketCap continues to show impressive growth with a 21.30% increase in the past 7 days, where it currently sits at $277.55. However, in the last day, there has been a continuation of the downward trend with a 3.27% decrease.

Moreover, the same CoinGecko report said that the demand for this Bitcoin fork drove the number of its holders to exceed 22 million during this period. Additionally, on the network side, the mining difficulty exceeded 390G, while the hash rate exceeded 3.1EH/s on June 30, 2023.

Litecoin, Bitcoin, and Bitcoin SV also experienced growth during the same period. The primary catalyst behind this growth is speculated to be the theme of speculation, but it is more probable that the main catalyst is currently thought to be EdX Markets.

Bitcoin as a Unique Asset

While Bitcoin Cash continues to grow, it is worth noting other assets like Solana get the hit, according to Ethereum founder Vitalik Buterin.

His response comes after the US Securities and Exchange Commission filed lawsuits against leading cryptocurrency exchanges Binance and Coinbase and their accusations of listing several alleged “securities,” including popular cryptocurrencies like Cardano (ADA), Solana (SOL), and Polygon (Matic).

SEC Chairman Gary Gensler provided insight into his view and classified Bitcoin as a distinct commodity because of its unique history and creation story. On the other side, Bitcoin Cash is a fork of Bitcoin’s blockchain code, which perhaps provides some additional insights into its rising value.