• At this time, when BCH hit $194, the worth of Bitcoin Money soared to a one-year excessive, up 72% in a single week.
• BCH worth rose as Bitcoin (BTC) climbed above $31,000 resulting from institutional-led cryptocurrency sentiment.
• Bullish sentiment for Bitcoin Money has additionally elevated following the itemizing of BCH on Citadel-backed cryptocurrency alternate EDX Market.

Bitcoin Money’s worth surged greater than 40% in 24 hours to $194 on Coinbase earlier than rising to a 12-month excessive.

As CoinJournal highlighted right here, Bitcoin Money worth surged to a three-month excessive on Wednesday.

Why is the worth of Bitcoin Money going up?

BCH is up 72% over the previous seven days, buying and selling on the worth final seen in early June final yr. That is when the crypto winter and market contagion pushed the cryptocurrency from a excessive of $210 on June 1st to a low of $103 by the tip of the month.

The Bitcoin fork cryptocurrency then dropped to a low of $89 in November because the FTX implosion induced huge cryptocurrency losses.

Nonetheless, after a powerful begin to 2023, momentum light as BCH/USD traded near $154 in February. This week’s breach of the technical downtrend line coincided with the broader crypto market rally, boosted by information of BlackRock’s spot Bitcoin ETF submitting. At this time’s rally comes as Bitcoin reaches $31,450, its highest stage since June 2022.

BTC is up 85% year-to-date, whereas Bitcoin Money is barely greater at 90% year-to-date.

Open curiosity in BCH futures has since surged, up 79% over the previous 24 hours. This follows a bullish breakout above $135 for Bitcoin Money, newly listed on the EDX market as certainly one of 4 cash on the alternate alongside Bitcoin, Ethereum and Litecoin. is.

The EDX market, which went stay this week, is backed by Wall Road’s largest monetary funding companies, together with Charles Schwab, Constancy Investments and Citadel.

in keeping with knowledge In keeping with Coinglass, open curiosity in BCH exceeded $200 million as of Friday, June 23 at 3:00 pm ET. That is the very best since March 2022.