Bitcoin Cash Prices Surge with South Korea’s Influence
Bitcoin Cash (BCH) prices have experienced a significant surge, and it appears that South Korea may be the driving force behind this momentum. Over the past week, BCH has more than doubled in price. Industry analyst Colin Wu has correlated this price pump with the trading activity on South Korean exchanges. Upbit, South Korea’s largest crypto exchange, has recorded massive trading volumes of BCH/KRW pair, accounting for almost a quarter of the total volume for BCH in the past 24 hours. Similarly, Bithumb, another South Korean exchange, has also seen large volumes of Bitcoin Cash in local currency trading.
Key points:
– South Korean exchanges, Upbit and Bithumb, have recorded significant trading volumes for BCH/KRW pair.
– BCH has surged 31% in the past 24 hours, reaching over $300 for the first time since April 2022.
– BCH is up 186% in the past two weeks but remains 92% down from its all-time high in December 2017.
– Bitcoin, its parent cryptocurrency, has only managed a 2% gain on the day, suggesting a relative advantage for BCH.
Hot Take: Bitcoin Cash Thrives with South Korean Involvement
The surge in Bitcoin Cash prices can be attributed to the influence of South Korean traders. The trading volumes on South Korean exchanges, particularly Upbit and Bithumb, have played a significant role in driving BCH’s momentum. This surge has led to BCH surpassing $300 for the first time in several months. While Bitcoin Cash still has a long way to go to reach its all-time high, its recent performance indicates its potential for growth. In contrast, Bitcoin, despite being the parent cryptocurrency, has only experienced a minimal gain in comparison. This suggests that the relatively low value of BCH and the possibility of it being classified similarly to Bitcoin by the SEC may have contributed to its recent success.
Related Altcoins Also Experience Surges
Bitcoin’s sibling cryptocurrencies, Litecoin (LTC) and Solana (SOL), have also seen significant increases in value. LTC has surged 14% in a day, reaching $95.56, while SOL has experienced an 18% surge, reaching $18.93. However, both currencies still have a long way to go to reach their peak prices. LTC remains significantly below its peak price of $410 in May 2021, while SOL is 93% down from its all-time high due to the FTX collapse.
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