LTC & BCH rally in 30 June and 1 July 2023
Over the course of seven days, from June 25th to July 2nd, 2023, Litecoin (LTC) experienced an impressive rally of 20%, while Bitcoin Cash (BCH) surged by 30%. These significant gains can be attributed to the exclusive listing of only four coins, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), on the EDX Markets trading platform. EDX Markets, backed by prominent entities such as Citadel, Fidelity, and Charles Schwab, has become a driving force behind the surge in LTC and BCS prices. Let’s explore the factors that contributed to this notable market movement.
Sources: Trading Resources - EDX Markets
1. Limited Coin Listings: The decision by EDX Markets to only list a select few cryptocurrencies created a sense of exclusivity and scarcity among traders. With only four coins available for trading, investors sought alternative options that were in high demand and offered potential for substantial returns. LTC and BCH emerged as attractive choices due to their inclusion on the EDX platform, leading to increased market interest and subsequent price rallies.
2. Increased Market Exposure: The listing of LTC and BCH on a prominent trading platform like EDX Markets exposed these cryptocurrencies to a wider audience of institutional and retail investors. This newfound visibility generated increased attention and demand for LTC and BCH, driving their prices higher. As more investors recognized the potential growth and market opportunities associated with these coins, their demand surged, resulting in the impressive rally.
3. Positive Sentiment and Market Confidence: The association of EDX Markets with reputable financial entities like Citadel, Fidelity, and Charles Schwab instilled a sense of trust and confidence in the market. The inclusion of LTC and BCH on this platform validated their credibility and potential, leading to positive sentiment among investors. This positive sentiment further fueled the buying frenzy, contributing to the substantial price appreciation witnessed during this seven-day period.
4. Scarcity Effect: With only four coins available for trading on EDX Markets, the limited supply of LTC and BCH as BTC and ETH created a scarcity effect. Investors seeking exposure to alternative cryptocurrencies turned their attention to LTC and BCH, driving up their prices due to the perceived rarity and potential for higher returns. This scarcity effect intensified the buying pressure and contributed to the rapid rally experienced by LTC and BCH.