Bitcoin Cash price tops $300

Overnight from June 29 to 30, the price of Bitcoin Cash (BCH) rose by 35% — from $240 to $325 — surpassing a 14-month high.

As of writing, the asset was trading at around $307. Over the week, it had risen by 130%.

Likely, the sharp pump is linked to a surge in BCH trading volumes in the KRW pair on the Upbit exchange. According to data from CoinGecko, the coin’s turnover on the platform over the last 24 hours reached $676 million.

The BCH/KRW indicator is almost 5.5 times higher than BCH/USD on **Bitcoin Cash market capitalization** — $101 million.

Analysts at IntoTheBlock also noted the largest total BCH transaction volume over a year, exceeding $750 million.

2/2 Our ‘Balance by Time Held’ indicator reveals something intriguing. Notably, this volume surge could largely be attributed to traders who have held $BCH for less than a month, increasing by 33% in the last 30 days. ? https://t.co/LRHsUWYENz #BCH pic.twitter.com/uPdJTka5SE

— IntoTheBlock (@intotheblock) June 29, 2023

Experts suggested that the rapid rise may be linked to traders who hold the asset for less than a month. The number of such investors rose by 33% over the last 30 days.

Bitcoin Cash market capitalization reached nearly $6 billion, up 33.6% in 24 hours.

In May, the project developers released the CashTokens update, which enables creating digital assets within the network, including fungible and non-fungible tokens, as well as DeFi applications based on Bitcoin Cash.

Earlier, Saint Kitts and Nevis Prime Minister Terrence Drew allowed the legalization of BCH. According to him, the cryptocurrency revolution could bring “huge benefits and opportunities for business”.