Bitcoin Cash BCH/USD is up 17% in the last 24 hours, outperforming top cryptocurrencies by market capitalization such as Bitcoin BTC/USD and Ethereum ETH/USD.
What Happened: The recent surge in Bitcoin Cash’s price can be attributed to the launch of EDX Markets, a crypto exchange designed for institutional investors.
The platform, backed by financial giants Fidelity, Schwab, and Citadel Securities, listed only four cryptocurrencies, including Bitcoin Cash, Ethereum, Litecoin, and Bitcoin, which is seen as a major endorsement of the coin.
This surge has continued the coin’s positive momentum over the past week, with its price rising by a staggering 107.0%, soaring from $105.67 to its current price.
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Why It Matters: Pseudonymous analyst Kaleo said, "after the recent BCH pump, Roger Ver only needs another 940% move to the upside vs. BTC to vindicate his belief in Bitcoin Cash’s brighter future."
Ver is a prominent figure in the cryptocurrency space and one of the early investors and proponents of Bitcoin Cash.
Bitcoin Cash was created in 2017 as a result of a “hard fork” in the Bitcoin blockchain, addressing disagreements over scalability. This split the blockchain into two ledgers, with the new one being used for Bitcoin Cash. In 2018, Bitcoin Cash also underwent a split resulting in the creation of Bitcoin SV, led by computer scientist Craig Wright.
Price Action: At the time of writing, BCH was trading at $223, according to data from Benzinga Pro.
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