Altcoin investors saw the price of Bitcoin Cash (BCH) rise 30% on June 30. According to Wu Blockchain, the rally was linked to the Korean narrative.
Bitcoin Cash (BCH) leads gains in altcoin market
BCH price has gained more than 30% over the last 24 hours. Meanwhile, a limited number of altcoins manage to make double-digit gains. The rally is followed by a boom in volume on South Korean cryptocurrency exchange Upbit. According to reports from Wu Blockchain, Upbit has recorded a staggering $350 million in trading volume for the BCH/KRW pair in the past 24 hours.
This impressive figure contributed a significant portion of BCH’s total trading volume at 23.58%. Moreover, the trading volume of BCH on Upbit has exceeded the volume of the BTC/KRW pair by three times. As a result, BCH has witnessed significant gains, with a notable increase of 115% in the last seven days and a staggering 160% increase over the last 30 days, reaching a one-year high. BCH surpassed the $300 threshold at one point.
Bitcoin Cash is the cryptocurrency that was hard forked from Bitcoin in 2017. It has been making significant gains in recent weeks. This rally was largely linked to the significant trading volume recorded on Upbit, South Korea’s largest exchange. BCH volume on the exchange played a crucial role in the altcoin price’s double-digit rally. This once again reveals the power of the Korean narrative.
Upbit’s impact on the BCH market cannot be underestimated
The exchange’s massive trading volume for the BCH/KRW pair indicates the growing interest and demand for Bitcoin Cash among South Korean investors. Also, the volume boom on Upbit has not only given BCH a significant boost. It also surpassed the trading volume of Bitcoin, the leading cryptocurrency on the stock market. This remarkable development has sparked speculation about the factors driving BCH’s recent rise.
South Korea has long been recognized as a major player in the global cryptocurrency market. The country’s tech-savvy population and favorable regulatory environment have contributed to its position as a thriving hub for cryptocurrencies. South Korean investors pay special attention to altcoins, which often lead to significant price movements.
The rise in Bitcoin Cash can be seen as a testament to South Korea’s influence. Upbit’s dominant stock market role plays a crucial role. Upbit’s popularity and reputation has attracted a significant number of investors. This ended with significant volume contributing to BCH’s bullish momentum. cryptocoin.com You can take a look at other altcoins that have recently evaluated the Korean pump.
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