Bitcoin Cash (BCH) broke above $300 – not without the help of Asian investors
Date: 2023-07-01 Author: Karina Ziganova Categories: BLOCKCHAIN
Bitcoin Cash has seen an impressive price rally over the past week, surpassing the $300 mark for the first time since April 2022.
Industry analyst Colin Wu believes that the driving force behind the sharp growth of BCH may be trading activity on South Korean exchanges.
South Korean traders are buying up Bitcoin Cash
Over the past 24 hours, South Korea's largest crypto exchange, Upbit, has recorded huge trading volumes for the BCH/KRW pair – more than $350 million, or almost a quarter of BCH's total total trading volume during this period. At the time of writing, it is the most traded asset on Upbit.
Another South Korean exchange, Bithumb, also has a high trading volume of Bitcoin Cash paired with the local currency. Over the past 24 hours, it has exceeded $33 million.
However, BCH is still trading 92% below its all-time high of $3785 reached in December 2017.
Litecoin and Solana close the week with growth
Bitcoin's other "little brother," Litecoin (LTC), is also on the rise. Over the day, LTC grew by 19% and exceeded the $100 mark at the time of writing
The price of Solana (SOL), meanwhile, added 5% to $18.85. Recall that the asset crashed after the collapse of the FTX crypto exchange and has not recovered to last year's levels since then.
