Following EDX Listing, Bitcoin Cash Price Up Over 50% - But Will BCH Be Successful in the Long Run?

Following EDX Listing, Bitcoin Cash Price Up Over 50% – But Will BCH Be Successful in the Long Run?

Updated: 06 July 2023

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Bitcoin Cash (BCH) is creating a lot of buzz in the cryptocurrency market with its soaring prices this week. This crypto token is showing promising growth with around a 54% hike in its trading price.

Bitcoin Cash Latest Market Status

Last month’s storm of the crypto market has settled down a bit and a lot of cryptocurrencies have started to show signs of recovery. Leading the way is, of course, Bitcoin which is rallying over $30,000 for quite a few days now.

However, the digital asset that is completely stealing the show is Bitcoin Cash. This crypto coin has spiked 61% in just a month and was trading at $295, at the time of writing this article.

Bitcoin Cash currently ranks 14 on the CoinMarketCap and its current market cap stands at $6 billion. Its trading volume is over $850 million, while its circulating capital is at 19.4 million BCH. The coin’s max supply is capped at 21 million.

Bitcoin Cash’s Performance in the Past

Bitcoin Cash’s one-year price graph can be described as a long straight line then a sudden steep upward journey.

At the start of the month, the coin was trading at $113, and now it is trading at $295. This indicates a more than 166% jump in its price in a short period. This gives us an average trading price of $204 per Bitcoin Cash, which is almost 50% more than its price in the whole period between Aug 22 to June 23.

Last Friday, on the 30th of June, Bitcoin Cash was rallying at $318. This was its all-time high in the last year, with which it beat every other cryptocurrencies’ growth by at least 20%.

Why Bitcoin Cash is Experiencing a Sudden Surge in its Price?

Bitcoin Cash was born out of a hard fork of Bitcoin. It was created way back in 2017, nine years after Bitcoin was launched. Bitcoin Cash was the result of the Bitcoin community’s effort to create a higher transaction volume by increasing the block size from 1MB to 32 MB.

The coin’s all-time high was achieved at $2945 in December 2017. But within a year, in December 2018 the coin’s price dipped to $80. That amounts to a 97% drop in its price. The coin has been struggling to go back up again and was successful only momentarily during July 2021 when it rallied over $1500. But soon it crashed down again, and had since been trading in a considerably lower price range.

Now, following the EDX’s listing, Bitcoin Cash is enjoying the community’s support and optimism.

What is EDX’s Listing?

EDX is a new cryptocurrency exchange which was launched last month. What makes EDX different is the fact that the exchange is backed by major Wall Street giants such as Fidelity, Charles Schwab, and Citadel. The exchange opened its platform and only allowed trading on 4 chosen cryptocurrencies- Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

This selective EDX listing is being questioned by many people, but the majority think that Bitcoin Cash got the selected because of its regulatory clearance. It is considered a digital commodity which makes it less susceptible to legal entanglements. Because of this wide status, Bitcoin Cash is considered relatively safer than others in the eyes of the SEC. Another key yardstick for EDX listing was the fact that these 4 cryptos were not listed by SEC as unregistered securities.

Is Bitcoin Cash a Good Investment Option in the Long Run?

The EDX listing has been considered a seal of confidence in the coin and thus the coin has been witnessing an increase in its price. As a result, Bitcoin Cash has crossed $320 in the last week. But it has dropped down a couple of points and now trading at $295.

https://twitter.com/CoinCrux_Market/status/1675840278622797824?t=wfmroIwOhC9U30HUqPNYig&s=08

As per critics, this was the last bullish run for Bitcoin Cash for this year and it would be foolish to expect more price rises before the year ends.

As per our technical analysis, if the coin overcomes the resistance and breaks out from the $295 price point, it may climb up to $400. However, if it could not tolerate the resistance, it could topple down to $120.

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