Bitcoin Cash Price Jumps Above $300

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bitcoin_cash

On the night of June 29-30, the Bitcoin Cash (BCH) rate rose by 35% – from $240 to $325 – breaking a 14-month high.

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15-minute BCH/USDT chart on the Binance exchange. Data: Trading View.

At the time of writing, the asset is trading at $307. For the week, the increase was 130%.

The sharp pump is likely related to the surge in BCH trading volumes paired with the Korean Won (KRW) on the Upbit exchange. According to CoinGecko, over the past 24 hours, the trading volume of the coin on the platform has reached $676 million.

BCH/KRW is almost 5.5x higher than BCH/USD on Coinbase at $101 million.

Analysts at IntoTheBlock also recorded the largest total BCH transaction volume of the year, exceeding $750 million.

Experts suggested that the sharp increase could be due to traders who hold the asset for less than a month. The number of such investors has increased by 33% over the past 30 days.

The capitalization of BCH reached almost $6 billion, adding 33.6% in 24 hours.

Recall that in May, the developers of the project released the CashTokens update, which allows you to create digital assets within the network, including fungible and non-fungible tokens, as well as DeFi applications based on Bitcoin Cash.

Earlier, the Prime Minister of St. Kitts and Nevis Terrence Drew allowed the legalization of BCH. According to him, the cryptocurrency revolution can bring “tremendous benefits and business opportunities.”

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