Cryptocurrency analysts name reasons for 117% growth of one of the oldest cryptocurrencies

Bitcoin Cash, the most popular bitcoin fork and one of the oldest altcoins, grew by 117% in 7 days. BCH was the only cryptocurrency to double its value during this period.

The sharp rise in Bitcoin Cash was caused by the launch of the EDX Markets cryptocurrency exchange (EDXM) on June 21. On the same day, EDX Markets announced support for 4 digital assets, including Bitcoin Cash.

According to Santiment, a crypto analytics platform, BCH has become the biggest beneficiary of EDXM’s listing compared to other coins on the platform, including BTC, ETH, and LTC. According to analysts, the approval of Bitcoin Cash by the Wall Street-backed exchange can be seen as a tacit endorsement of the token’s safe regulatory status compared to other altcoins.

The launch of EDX Markets has had an impact on the entire cryptocurrency market, including bitcoin. The exchange is supported by large financial institutions such as Citadel Securities, Fidelity, Charles Schwab, Paradigm, Sequoia Capital, and Virtu Financial. The highlight of the platform is the «non-custodial model» of operation — clients' funds are stored in a third-party service, not on EDX Markets accounts.