Bitcoin Cash (BCH) is up 79% in just a few days; Here are possible reasons for the increase

According to on-chain analytics firm Santiment, bitcoin cash has been the biggest beneficiary since the launch of a new crypto exchange led by the likes of Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. – EDX Markets – is supported.

Bitcoin Cash (BCH) is up almost 79% over the past four days after EDX listed the token alongside Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).

📈 With the support of #EDXMarkets, launched on June 20th, #BitcoinCash has been the biggest beneficiary with a massive +79% price increase in 4 days. Notably, $BCH posted a 3-year high in social discussion rates and volume slightly surpassed 2023 highs. https://t.co/6fz4RL28tH pic.twitter.com/MNn59zRy8T

— Santiment (@santimentfeed) June 24, 2023

“With the support of EDXMarkets, launched on June 20th, Bitcoin Cash has been the biggest beneficiary, with a massive +79% price increase in 4 days. Notably, BCH has posted a 3-year high in social discussion rates and volume, slightly dwarfing the 2023 highs,” Santiment wrote.

While social dominance is at its highest level since 2020, Santiment notes that BCH volume is resilient, reaching highs in 2023.

After hitting intraday highs above $200 at its highest since May 2022, BCH is up 35.76% in the past 24 hours to $193 at the time of writing.

According to data from CoinMarketCap, BCH is up more than 80% in the past seven days. With that, BCH has re-entered the top 20 with a current market cap of $3.75 billion.

As traders rushed into the current market surge to take profits, BCH’s 24-hour trading volume also surged over 425%.

The rest of the market received a spark of bullish sentiment after Bitcoin hit a year-high following recent high-profile exchange-traded fund (ETF) listings in the US. Some often-dormant altcoins are seeing a surge on the back of heightened market optimism. Notably, Bitcoin and Ethereum forks are increasing rapidly.

Bitcoin SV is up 24% in the last 24 hours. Ethereum Classic (ETC) is up 13%, as is EthereumPoW (ETHW), which is up 20% in the last 24 hours.

The upcoming Bitcoin Cash halving in the next 286 days remains another positive catalyst.

The subsequent Bitcoin Cash halving is expected to occur on or around April 6, 2024, according to OKLink. After that, the rewards for mining Bitcoin Cash will decrease from 6.25 BCH to 3.125 BCH. There are currently 41,297 blocks available for this event.

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