The recent rise in the altcoin Bitcoin Cash (BCH) price can be attributed to the strong trading activity on South Korea's largest exchange Upbit.
The Rise In Bitcoin Cash (BCH) Price May Be Sourced From South Korea
Over the past 24 hours, Upbit has witnessed a significant trading volume of over $350 million for the BCH/KRW pair, which is around 23.58% of the total trading volume for BCH.
The significant trading volume on Upbit reveals a high level of interest and participation by South Korean investors, especially in BCH.
BCH was trading at $307 at the time of this writing, up 31 percent.
The fact that the BCH trading volume on Upbit is three times higher than the BTC/KRW pair further highlights the focus on Bitcoin Cash in the South Korean market.
The increase in trading volume and investor interest in BCH on Upbit may have contributed to the observed price increase in the cryptocurrency.
Increased demand and trading activity can often drive up the price of a digital asset, especially when significant volumes are traded on a particular exchange.
South Korea is known for its active participation in the cryptocurrency market, with a large number of investors and a vibrant crypto ecosystem.
The country shows a strong interest in various cryptocurrencies and this recent increase in BCH trading volume on Upbit further demonstrates the enthusiasm of South Korean traders.
However, it is important to note that the specific reasons for the BCH increase may include a combination of factors beyond the South Korean market. Market sentiment, global trends, and news developments regarding Bitcoin Cash may also have played a role in the price action.
On the other hand, the fact that the Bitcoin Cash halving is less than 6 months is one of the factors that triggered the rise.
*Not investment advice.