Bitcoin Cash (BCH) riding the EDX Markets uptrend
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BCH’s price more than doubled in June following its listing on EDX Markets. BCH was one of the four cryptocurrencies that debuted on the platform alongside BTC, ETH, and LTC.
While the EDX listing acted as a positive catalyst, negative funding across perpetual swap markets and potential market manipulation on South Korean exchange Upbit are also the primary drivers of the recent uptrend.
The token’s price witnessed a combined liquidation of $21 million in June, according to an update from crypto analytics outlet The TIE. The levels are significantly higher than usual, when the “daily liquidations total tens of thousands of dollars, if anything.”
The total fees paid on the Bitcoin Cash blockchain have ranged lower than $200 since the start of the year, indicating that the blockchain’s usage has been limited.
In comparison, Litecoin, which provides a similar utility, generates around 10 times larger revenue for the miners in fees than BCH. The poor fundamentals and high liquidation levels raise a red flag on the sustainability of the recent gains.
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