• Bitcoin Cash (BCH) trading volume on South Korean cryptocurrency exchange Upbit has been recorded at over $560 million in the past 24 hours.
• BCH/KRW pair accounted for 24% of the total trading volume in the last day.
• BCH’s USD value has increased 180% over the past two weeks, likely due to its popularity on Korean exchanges.
Bitcoin Cash Trading Volume Skyrockets on Upbit
CoinGecko’s data shows that BCH/KRW trading volume on Upbit for the past 24 hours exceeded $560 million. The leading South Korean cryptocurrency exchange – Upbit – has recorded a trading volume of more than $350 million for the Bitcoin Cash (BCH)/Korean Won (KRW) pair for the past 24 hours, being three times higher than trades involving Bitcoin (BTC).
High Popularity of BCH In South Korea
As revealed by Wu Blockchain, BCH/KRW trades on South Korea’s biggest cryptocurrency exchange have accounted for approximately 24% of the total trading volume for the past day. This could be one of the reasons why BCH has been among the best performers in crypto lately, with its USD valuation up over 180% in just two weeks.
Other Korean Platforms Also Show High Interest
CoinGecko’s data further reveals that trades with Solana (SOL) rank second with 8.4%, whereas Bitcoin (BTC) is third, contributing 7.8% to the total volume. It appears that Bitcoin Cash has also been highly popular on other Korean crypto platforms as well.
Analysis Of The Recent Price Surge Of BCH
The surge in price and rise in trading volumes may be indicative that investors are turning bullish towards this asset again after it had lost about 70% of its value from April 2021 highs when it was traded at around $1,800 per coin. Analysts have attributed this price increase to increasing institutional attention and demand from both retail and institutional buyers looking to capitalize on potential gains from altcoins during this bull market phase when most cryptocurrencies are recording all-time-high prices almost daily..
Conclusion
It is evident from CoinGecko’s data that Bitcoin Cash is gaining traction among traders and investors alike across different markets, especially South Korea where it seems to be particularly popular right now due to its recent massive price increases throughout this month alone and even more so since 2021 began .