Bitcoin Cash Surges Nearly 80% in Response to EDX Markets Launch

Data from CoinmarketCap shows that Bitcoin Cash (BCH) gained nearly 80% in the last four days to become one of the highest gainers among the top-twenty cryptocurrencies. The price of Bitcoin Cash (BCH) rose from $109.73 on June 20 and rallied significantly to $199.00. Santiment, the market intelligence platform, has linked this extraordinary BCH price rally to the impact of the newly launched digital asset trading platform, EDX Markets.

According to Santiment, Bitcoin Cash is the highest beneficiary of the EDX Markets launch. It also shows that the social discussion rate of Bitcoin Cash has reached its highest level in three years, and the volume has easily eclipsed 2023 highs.

On Tuesday, June 20, 2023, EDX Markets, a digital assets marketplace, completed a funding round with new equity partners. On the same day, it launched its digital assets market, which it powers through intermediaries. The impact of the launch reverberated across the cryptocurrency market, with most of the top coins rallying to significant levels.

The launch came as a relief to a market plagued by regulatory issues in the past few weeks. It reignited investors’ confidence in the digital assets market and injected significant bullish momentum that turned around the market sentiment. Over a short time, the digital assets market appears to have moved from a FUD (Fear, Uncertainty, and Doubt) to FOMO (Fear Of Missing Out).

As of the time of writing, Bitcoin Cash claimed the top position among the weekly gainers on CoinmarketCap. The recent rally pushed the BCH weekly gain to 76.43%. The second-highest gainer was PEPE (PEPE) after rallying by 63.39% over the same period. Bitcoin SV (BSV) gained 50.27%, while Stacks (STX) made a cumulative profit of 32.92% in the last seven days.