Bitcoin Cash (BCH) is having an outstanding performance and is the third cryptocurrency with the highest weekly increase in the digital asset market.
Before continuing, it is important to clarify that BCH is a cryptocurrency product of a bifurcation (forkin English) of Bitcoin. As explained in cryptopedia, educational section of cryptootics, Bch was born in 2017 with the main objective of offering faster and more cheap transactions. It was designed to be a digital cash system, allowing payments between people and shops with low commissions.
For many investors, BCH is the “ideal” currency for day to day and not as a value asset value such as Bitcoin.
In the last 7 days, the price of BCH went from $ 288 to $ 391, which represents a rise of 36%.
The BCH negotiation volume in the last 24 hours is 1,031 million dollars, which represents an increase of more than 111%.
For their part, data from the Bitcoin Cash Explorer site show the highest point of the transaction rate per second in the last 7 days. After a fall between block 888,100 and 888,200, records a rise, which suggests that there is more network activity and a possible increase in the demand for the asset.
For its part, BCH’s open interest reached 365 million dollars, the highest level since the beginning of February.
The open interest measures the amount of futures contracts in circulation and It is a key metric to evaluate the activity and liquidity of the market. Its increase indicates that more positions are being opened than closing, which usually reflects greater interest and optimism among investors.
According to Coinglass data, Exchange Binance has most of the open interest in BCH contracts with 51.79%. Further back, bybit (15%) and then OKX (10%) appear.