The post Why Bitcoin Cash (BCH) Price Is Surging? Here Are the Top Reasons appeared first on Coinpedia Fintech News

Bitcoin Cash (BCH) is on the precipice of re-entering the top ten digital assets by market capitalization of the bullish sentiment sustained on Friday and over the weekend. According to the latest crypto market data, BCH price gained about 30 percent in the past 24 hours to trade around $295, on a market capitalization of about $5.71 billion.

With BCH’s social volume on the rise, it is worth noting that the underlying value gained about 181 percent in the past two weeks. The sudden rise of Bitcoin Cash has directly been attributed to the listing on the new institutional-backed crypto exchange EDX Markets, thus increasing its legitimacy.

Bitcoin Cash Key Metrics on the Rise

Notably, Bitcoin Cash has seen its holder base significantly rise to about 22 million in the recent past. As a proof of work (PoW) secured blockchain, its mining difficulty has recently skyrocketed in tandem with the hash rate. According to on-chain data provided by Tokemview, the BCH’s hash rate is about 3.63 (EH/s) while its mining difficulty is about 396.35 (G).

Bitcoin Cash has recorded a sharp uptick in daily traded volume that stood around $2 billion, up more than 80 percent in the past 24 hours. The rise in traded volume in a rising market is a clear indication of higher demand that tends to be fuel for the bullish outlook. From the daily time frame, BCH price has respected a rising trend since the initial breakout.

With increased speculation on BCH, its top hard fork Bitcoin SV also recorded a significant increase in key metrics. Notably, Bitcoin SV’s price was up approximately 14 percent in the past 24 hours with its daily traded volume up more than 100 percent to about $136 million on Friday.

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Filed under: Bitcoin - @ June 30, 2023 5:13 am