- Bitcoin Cash has seen a significant rally in the past 10 days, reaching a level not seen since April 23, 2022.
- The surge in Bitcoin Cash’s value is attributed to the SEC not classifying the cryptocurrency as an investment contract and the increased interest from South Korean investors.
- Bitcoin Cash’s offshoot, eCash (formerly Bitcoin Cash ABC), has also seen a substantial increase in value, with a 85% price increase in the last 10 days.
The article discusses the recent rally in Bitcoin Cash, attributing the surge to the SEC’s classification and increased interest from South Korean investors. It also highlights the rise in value of eCash, a Bitcoin Cash offshoot.
Bitcoin Cash’s Remarkable Rally
Over the past 10 days, Bitcoin Cash has experienced a significant surge, reaching a level not seen since April 23, 2022. This rally has been attributed to the Securities and Exchange Commission’s (SEC) decision not to classify the cryptocurrency as an investment contract. This decision, coupled with BlackRock’s application for a Bitcoin ETF, has played a significant role in the cryptocurrency’s rise.
South Korean Investors’ Role
Another key factor in the rally has been the increased interest from South Korean investors. In fact, the trading volume of BCH/KRW on Upbit, South Korea’s largest cryptocurrency exchange, exceeded $600 million in the last 24 hours. This trading volume is double that of the BCH/USDT trading pair on Binance. Overall, more than 30% of Bitcoin Cash’s total trading volume on all exchanges occurred on Upbit.
eCash Follows Suit
Bitcoin Cash’s offshoot, eCash (formerly known as Bitcoin Cash ABC), has also seen a substantial increase in its value. Over the past 10 days, eCash’s price has increased by 85%, with most of the increase occurring yesterday. Similar to Bitcoin Cash, South Korean investors have shown a significant interest in eCash. The 24-hour trading volume of eCash on all exchanges was $266 million, with $206 million or 77% of this volume coming from the XEC/KRW pair on Upbit.
As of 13:45 local time, BCH was trading at $303, and XEC was trading at $0.00003487.
