Over the last three days, Bitcoin Cash (BCH) has seen a remarkable increase of 38.5%, reaching its highest value since February at $146.
The surge followed the listing of BCH on EDX, an exchange backed by Fidelity, Schwab, and Citadel, alongside other notable cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).
BCH’s open interest, an essential metric for evaluating the nominal value of open trades on a specific asset, saw a significant increase of 77%, reaching a nine-month high of $135 million, as per Coinalyze data.
This swell in open interest highlights a shift in positive sentiment and kindles hopes for potential institutional adoption of BCH following its EDX listing.
While BCH was created in July 2017 after a fork from the original Bitcoin’s blockchain and once reached a record high of $2,947 during the peak of the 2017 bull market, its adoption as a payment network has lagged behind Bitcoin’s.
In a comparison of the total transaction value on each network over the past week, Bitcoin facilitated $75 billion in transactions, while Bitcoin Cash, despite its recent surge, handled transactions worth only $129 million. This disparity underscores the differences in adoption and usage between the two cryptocurrencies.
Bitcoin Cash was the biggest gainer of the week among the top 200 cryptocurrencies by market cap.The current market sentiment for BCH is bullish, bolstering hopes for further upward movement.
