The past month of June has seen a breathtaking rush of activity in South Korea’s cryptocurrency trading circles. A notable surge in volume, especially in the thriving altcoin market, highlights a shift in the landscape of digital asset trading in the region.
Kaiko, a crypto analyst firm, shared this on Twitter
Korean #crypto exchange volume saw another massive surge in June, led almost entirely by #altcoins. pic.twitter.com/XQdHbwf0Ma
— Kaiko (@KaikoData) June 30, 2023
According to market data from CoinGecko, BCH emerged as the highest weekly gainer among the top 300 tokens by market capitalization, showcasing impressive gains of 114.3%. In contrast, Bitcoin (BTC) recorded modest gains of 2.4% during the same period, while Ethereum (ETH) remained relatively stable, with prices similar to the previous week.
The latest surge in BCH’s price, a notable 33.9% increase within the past 24 hours, appears to be propelled by excess negative bets in the derivatives market, which fueled an upward trend and heightened trading interest on a prominent South Korean exchange.
The listing of BCH on EDX Markets is considered by many as a positive indication of the token’s regulatory clearance. Jamil Nazarali, CEO of EDX Markets, stated that the four crypto tokens listed on their platform—Bitcoin, Ether, Bitcoin Cash, and Litecoin—were deemed safe bets in compliance with the United States Securities and Exchange Commission (SEC).
BCH’s price had been significantly suppressed throughout the calendar year, fluctuating between the $100 and $150 range. However, since its listing on EDX Markets, the token has experienced a rapid ascent. BCH is trading at $308.72, reaching levels last observed 14 months ago in May 2022.
According to a recent report by crypto research outlet The Tie, trading volumes for Bitcoin Cash (BCH) on popular cryptocurrency exchange Binance have reached levels that haven’t been witnessed in two years. This resurgence in trading interest toward BCH comes from its listing on the well-known platform EDX Markets.
