In a recent turn of events that has stirred the cryptocurrency market, Bitcoin Cash ($BCH), a derivative of Bitcoin that was created as a result of a hard fork in 2017, has seen an astonishing rise in its value. Over the past week, $BCH has experienced a staggering surge of more than 90%, making it the talking point of the cryptocurrency world and grabbing the attention of South African investors in particular.
The significant rise in $BCH’s value coincided with its recent listing on EDX Markets, a newly launched digital asset marketplace that has been attracting significant attention due to its backing from financial heavyweights. Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial are some of the notable names that have contributed to EDX’s funding round.
This new exchange platform, which aims to make digital asset trading more accessible and streamlined, currently supports four cryptocurrencies: Bitcoin, Ethereum (ETH), Litecoin (LTC), and now, Bitcoin Cash ($BCH). The listing of $BCH on EDX Markets has undeniably played a significant role in boosting its market value and enhancing its visibility in the broader market, prompting a wave of investor interest.
However, it is worth noting that this development comes at a time when none of the four cryptocurrencies mentioned have been implicated in the unregistered securities charges that the U.S. Securities and Exchange Commission’s (SEC) brought against Coinbase and Binance earlier this month. This serves to enhance the credibility and appeal of these digital assets, particularly in regions like South Africa where regulatory adherence is a critical factor for investors.
The other cryptocurrencies supported by EDX have also enjoyed a successful week. Bitcoin, the pioneering digital currency, has seen an increase of nearly 15% over the past week, while Ethereum has surged by more than 9%. Litecoin, another popular altcoin, has kept pace with Bitcoin, also experiencing a rise of 15%.
Yet, even amidst these solid performances, it’s Bitcoin Cash that has truly stood out with its spectacular 90% surge. This impressive leap serves as a testament to the potential inherent in altcoins, underscoring the value of diversifying cryptocurrency portfolios for South African investors.
As the cryptocurrency landscape continues to evolve, the performance of Bitcoin Cash and other cryptocurrencies offers valuable lessons for investors, shedding light on the unpredictable dynamics of the market and the opportunities that new developments, like the launch of EDX Markets, can bring.