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Bitcoin Cash (BCH) soars over 20% in a day; Here’s why

Bitcoin Cash climbs 100% in a week adding over $2 billion to market cap

Today, on June 21, the majority of crypto assets are displaying notable gains, with prices deep in the green, as their prices soar and trend firmly in positive territory.

Particularly noteworthy among these digital currencies is Bitcoin Cash (BCH), which has emerged as one of the top three performers in terms of price appreciation over the past 24 hours among the top 100 cryptocurrencies by market capitalization. Accompanying Bitcoin Cash in this notable surge are Flow (FLOW) and Conflux (CFX).

Leading cryptocurrencies in terms of past 24-h gains. Source: CoinMarketCap

Over the past 24 hours, BCH saw its price advance from $104 to $129, adding $450 million to its market worth. As a result of this jump, the cryptocurrency’s market cap now stands at around $2.52 billion, up more than 21% from $2.07 billion a day ago. 

BCH 1-day price data. Source: Finbold

Interestingly, the recent leap comes after the cryptocurrency experienced a momentary dip earlier this month, briefly dropping below the key support of $100. 

On a weekly chart, BCH’s price remained relatively flat, up until the latest price spike. 

What’s driving the BCH rally?

BCH a fork of Bitcoin that was created in 2017 saw its price skyrocket on Wednesday amid a broader market rally, led by the leading cryptocurrency, Bitcoin (BTC), which gained more than 7% in the past 24 hours, adding over $40 billion to its worth.

Unsurprisingly, Bitcoin’s upward move dragged major altcoins into the green, with the likes of Litecoin (LTC), Cardano (ADA), Stacks (STX), and Polygon (MATIC) also seeing notable gains of 8.4%, 7.8%, 19.7%, and 6.8%, respectively. Ethereum (ETH) and Solana (SOL) climbed by more than 5% each over the same period.

Meanwhile, another factor that likely contributed to BCH’s impressive rally is the launch of EDX Markets – a crypto exchange backed by several prominent institutional investors, including Citadel Securities, Fidelity Investments, and Charles Schwab

At the moment, Bitcoin Cash is one of the only four cryptocurrencies supported on the EDX exchange, in addition to BTC, ETH, and LTC. 

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