In a remarkable month for the cryptocurrency market, Bitcoin Cash (BCH) emerged as the top performer, nearly tripling in value. The surge was fueled by its listing on EDX Markets, backed by industry giants Fidelity, Charles Schwab, and Citadel. BCH gained an impressive 171% throughout June, outshining Bitcoin (BTC), which recorded a modest 14% increase.
Notably, South Korea’s Upbit Exchange experienced a significant surge in trading activity, with the BCH/KRW pair registering a staggering $558 million in volume over 24 hours. This surpassed Upbit’s BTC/KRW pair ($160 million) and the BCH/USD volume ($87 million) on Nasdaq-listed Coinbase by 3.5 and 5.5 times, respectively.
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Experts suggest that Bitcoin Cash’s outperformance can be attributed to the perception that blockchain forks pose lower regulatory risks. Additionally, liquidations and short squeezes, totalling approximately $15 million, contributed to BCH’s strength.
June witnessed both Binance and Coinbase facing scrutiny from the U.S. Securities and Exchange Commission, which caused altcoins to dip. However, positive sentiment was ignited as several large institutions entered the crypto space towards the end of the month. Bitcoin reached a one-year high above $31,000 shortly after BlackRock, the world’s largest asset manager, applied for a spot ETF.
In addition to BCH, other tokens also experienced notable gains. FTT, the token of bankrupt exchange FTX, surged 124%, while COMP, the native token of DeFi protocol Compound, rallied 50% within four days. These performances reflect the increasing interest in the cryptocurrency market, even amidst regulatory challenges and market fluctuations.
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Overall, the crypto market continues to capture the attention of investors and institutions worldwide, signalling the industry’s growing influence on global finance.
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Written by Agbo Obinnaya.
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