Bitcoin Cash (BCH) price hit a 13-month peak of $235 on Wednesday morning, sending its monthly gains well above 100%. On-chain data suggests that the BCH price rally may not be over yet. What next for Bitcoin Cash after an excellent June 2023 performance?
Tuesday, June 20, was the official launch of the EDX Markets. The new non-custodial cryptocurrency exchange is targeted at institutional clients and backed by Wall Street bigwigs such as Charles Schwab, Fidelity, and Citadel Securities.
To satisfy regulators, the exchange has listed only four cryptocurrencies, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. On-chain data reveals that Bitcoin Cash has benefitted immensely from this unique market development.
Institutional Investors are Cashing in on the BCH Rally
Since EDX Markets went live on June 20, Bitcoin Cash has witnessed a progressive spike in whale transactions. The Santiment chart shows that on June 20, only 102 Large Transactions were recorded on the Bitcoin Cash network. But remarkably, by the close of June 27, that figure has soared 700% to 766 transactions.
Notably, this is the first time since March 2022 that BCH whale trading activity has surpassed 700 transactions in a single day.
Go to Source to See Full Article
Author: Ibrahim Ajibade