Bitcoin Cash price touches 1-year high after BCH soars 72%
Bitcoin Cash price jumped to a 1-year high today when BCH hit $194, up 72% over the week.
BCH price broke higher as institutional-driven crypto sentiment pushed Bitcoin (BTC) above $31,000.
Bullish sentiment for Bitcoin Cash also followed the listing on BCH on the Citadel-backed crypto exchange EDX Markets.
Bitcoin Cash price has soared to its highest level in twelve months after spiking more than 40% in 24 hours to hit $194 on Coinbase.
As CoinJournal highligted here, Bitcoin Cash price had jumped to a 3-month high on Wednesday.
Why is Bitcoin Cash price up?
BCH was up by 72% in the past seven days and traded at prices last seen in early June last year. This is when the crypto winter and market contagion pushed it from highs of $210 on June 1 to lows of $103 by the end of the month.
The Bitcoin fork cryptocurrency then slumped to lows of $89 in November as the FTX implosion catalysed massive crypto losses.
A bullish start to 2023 however faded with BCH/USD trading around $154 in February. This week’s breakout above a technical downtrend line coincided with the broader crypto market rally, buoyed by the news of BlackRock’s application for a spot Bitcoin ETF. Today’s gains came as Bitcoin reached $31,450, its highest price since June 2022.
While BTC is up 85% year-to-date, Bitcoin Cash price is slightly higher at 90% YTD.
Bitcoin Cash performance on the daily chart. Source: TradingView
BCH open interest up 79%
BCH Futures open interest has since jumped, up 79% in the past 24 hours. It follows the bullish breakout above $135 after newly-launched EDX Marketslisted Bitcoin Cash as one of four coins on the exchange alongside Bitcoin, Ethereum and Litecoin.
EDX Markets, which went live this week, is backed by some of Wall Street’s largest financial investment firms – Charles Schwab, Fidelity Investments and Citadel.
According to data from Coinglass, open interest in BCH was over $200 million as of 3pm ET on Friday, June 23. It’s the highest the metric has risen to since March 2022.
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