South Korea’s largest cryptocurrency exchange, Upbit, has played a significant role in the recent surge of Bitcoin Cash (BCH). Over the past 24 hours, Upbit has recorded a staggering trading volume of more than $350 million for the BCH/KRW trading pair.
This trading activity accounts for a remarkable 23.58% of the total trading volume for Bitcoin Cash across various exchanges. In comparison, the trading volume for Bitcoin (BTC) against the Korean Won (KRW) on Upbit is only one-third of the BCH/KRW volume. This unexpected boost has caught the attention of market participants and raised questions about the influence of South Korean investors on the cryptocurrency market.
Bitcoin Cash (BCH) contracts has experienced a substantial surge, reaching the highest level since May 12, 2021. Over the past week, the price of BCH has seen a significant increase of nearly 100%. This surge in trading activity has sparked curiosity among investors and traders alike, as they wonder who is buying this “dinosaur coin.” Let’s delve deeper into the details.
Since June 22, the trading volume of BCH contracts has increased by over 10 times compared to the previous period. This surge in activity indicates a renewed interest in Bitcoin Cash and suggests a growing confidence in its potential. The trading volume in the past 24 hours alone has reached a remarkable 4.427 billion, highlighting the strong demand for BCH contracts.
The immense trading volume generated by Upbit for the BCH/KRW trading pair has catapulted the altcoin’s prominence, outshining even the trading volume of Bitcoin itself in the Korean market. This unexpected phenomenon has sparked curiosity and led to speculations about the motives behind the Korean investors’ preference for Bitcoin Cash over other cryptocurrencies.
The Korean cryptocurrency market has always been known for its distinct preferences and unique dynamics. Traditionally, Bitcoin has been the dominant force, attracting significant attention and investment. However, the recent surge in Bitcoin Cash’s trading volume on Upbit has left many wondering whether Koreans are shifting their focus away from Bitcoin towards alternative cryptocurrencies.