Bitcoin Cash Price Jumps to One-Year High Fueled by Spiking Social Interest, Exchange Support

Bitget App

Trade smarter

Bitget

News

Markets

Bitcoin Cash Price Jumps to One-Year High Fueled by Spiking Social Interest, Exchange Support

Coindesk2023/06/29 15:02

By:Krisztian Sandor

With today’s 17% gain, BCH has now more than doubled in the week since it was listed on EDX Markets, a new crypto exchange backed by financial heavyweights.

Bitcoin Cash () surged to a fresh one-year high early Monday, extending its to more than 100% in the week after being one of the four cryptocurrencies listed on institutional-backed crypto exchange EDX Markets.

The token’s price rose 17% in the past 24 hours to as much as $226.44, the highest since May 2022. The CoinDesk Bitcoin Cash Price Index (), which tracks the token’s price on multiple exchange venues, is now higher by 111% over the past week.

BCH has been benefiting from the EDX markets alongside rising trading volumes and social media interest, according to crypto research firm Santiment.

Backed by traditional finance heavy-weights Fidelity Digital Assets, Charles Schwab and Citadel Securities, EDX Markets trading last Tuesday, supporting BCH along with bitcoin (), ether () and litecoin ().

The sudden price move has attracted retail trader attention, with social discussions about the token rising to their highest in three years and trading volumes this year hitting a record, crypto research firm Santiment Saturday.

The Bitcoin Cash network was forked from the original Bitcoin blockchain in July 2017 and aimed to serve as a payment network. Despite early optimism, the blockchain’s traffic is dwarfed by Bitcoin’s transaction numbers. Some in BCH has been transferred in the last 24 hours, compared to $11 billion in BTC, blockchain data by BitInfoCharts show. BCH is still 95% down from its $4,355 all-time high price reached in December 2017, according to .

Edited by Stephen Alpher.

183

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

Bitget VIP•2025/04/25 06:05