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.

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.

The post Bitcoin Cash price touches 1-year high after BCH soars 72% appeared first on CoinJournal.

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