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Bitcoin Cash (BCH) outshined all other cryptocurrencies this month, showcasing exceptional performance. The majority of its gains were achieved during the final week and a half, coinciding with its listing on EDX Markets. This exchange, supported by renowned entities like Fidelity, Charles Schwab, and Citadel, made its debut on June 20.
Surpassing the performance of the world's largest cryptocurrency, Bitcoin (BTC), which gained 14%, the token Bitcoin Cash (BCH) achieved an impressive growth rate of 171% throughout the month, as per CoinCryptoUs data. On Friday, BCH experienced a remarkable surge of 30% within a span of 24 hours, reaching a 14-month high of $320.
The surge received strong support from a significant rise in trading activity on Upbit, South Korea's leading digital assets exchange. According to data compiled by Coingecko, the trading volume of the bitcoin cash-Korean won (BCH/KRW) pair on Upbit reached an impressive $558 million within the last 24 hours. This volume is nearly 3.5 times larger than the trading volume of $160 million in Upbit's BTC/KRW pair and 5.5 times greater than the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange.
Matt Kunke, a research analyst at GSR, suggests that Bitcoin Cash's notable performance in June can be attributed to the prevailing belief that forks of the Bitcoin blockchain pose a reduced regulatory risk.
“Liquidations were also a key component of BCH strength, particularly during the last day, as ~$15m of shorts were liquidated, the most out of any coin excluding BTC/ETH,” he said.
June witnessed a series of significant events in the crypto market. Firstly, the U.S. Securities and Exchange Commission's actions against the leading crypto exchanges, Binance and Coinbase, caused altcoins to experience a decline. However, amidst this turmoil, June also saw a noteworthy development: several major institutions began expanding their involvement in crypto, which sparked a wave of positive sentiment. As a direct consequence, Bitcoin experienced a surge in value, reaching a one-year high above $31,000 just a few days after BlackRock, the world's largest asset manager, submitted an application for a spot ETF on June 15.
“In crypto, we’ve been saying ‘the institutions are coming’ every year, and that rallying cry often drives the market narrative,” remarked Michael Safai, the managing partner at Dexterity, an algorithmic high-frequency trading firm.
“While we’ve seen varying degrees of institutional participation over the years, no one has had the trillion-dollar gravitas of BlackRock, who clearly seem to be the driver of BTC gains this past month.”
FTT, the token of FTX, a crypto exchange facing bankruptcy, made significant gains during the month of June. Surprisingly, FTT surged by an impressive 124% in just that month alone. According to a report from The Wall Street Journal on Thursday, the bankrupt exchange has been engaged in discussions with potential investors regarding the possibility of implementing revitalization plans and moving forward.
Another notable performer was the native token of the decentralized finance (DeFi) protocol Compound (COMP), which experienced a remarkable 50% surge over a span of four days due to a significant increase in trading volume and withdrawals on Binance. Throughout June, COMP has soared by an impressive 58%.
The CoinDesk Market Index (CMI), a comprehensive index created to gauge the performance of the market based on market capitalization weighting, experienced a monthly increase of 2.7%.
