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Bitcoin Cash BCH

Bitcoin Cash Price Spikes To A 13-Month High, BCH Back To The Top-20

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Bitcoin Cash
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin Cash (BCH) is one of the top-performing crypto assets this week after surging over 50% in the past five days to reach a four-month high. Trading at around $182 when writing on June 23, BCH is in the top 20 cryptocurrencies by market capitalization. As it is, BCH is the 20th most valuable coin with a market capitalization of over $3.45 billion with a circulating supply of more than 19.42 million out of the 21 million.

The BCH surge also comes with a notable surge in open interest, signaling renewed investor interest in the altcoin that promises cheaper transaction fees and scalability than Bitcoin, the parent blockchain whose scalability remains limited.

Bitcoin Cash Rallying On Improving Sentiment

 The uptick in Bitcoin Cash—and cryptocurrency prices, in general, has been pinned to positive market sentiment and supportive fundamental development in the industry. Notably, the increasing institutional interest from players such as Blackrock, the world’s largest asset manager with over $9 trillion, has been cited as the primary driver of Bitcoin prices. BlackRock has submitted an application with the United States Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF). 

Related Reading: Bitcoin’s Rally Amid Potential ETF Approvals – Crypto Embraced By Finance Giants

Bitcoin Cash is an altcoin that emerged due to a hard fork from Bitcoin in September 2017. The platform is scalable and can process transactions more cheaply. However, while it retains the same consensus algorithm as Bitcoin, the Bitcoin Cash network can pack more transactions in every block, considering its larger block size. 

The increasing bullishness across the crypto sphere has positively impacted BCH. According to CoinMarketCap data, BCH has outperformed Bitcoin, Ethereum, and other liquid crypto assets. In the top 20, BCH is up 70% in the last trading week and 35% on the last trading day alone.

BCH price on June 23| Source: BCHUSDT On Binance, TradingView
BCH price on June 23| Source: BCHUSDT On Binance, TradingView

At this level, the Bitcoin Cash network is now more valuable than Cosmos, Monero, and Uniswap. Meanwhile, BCH is at a four-month high, and bulls have forced prices above key resistance levels and are trading at a 13-month high in May 2022 territory.

Surging BCH Open Interest

At the back of this is a spike in open interest, suggesting an increase in both speculative and hedging activities surrounding BCH. Extending this development, traders and investors may be taking positions in anticipation of further price appreciation, considering the sharp expansion on June 23.

Related Reading: Crypto.com Granted VASP Registration By Spain’s Central Bank

According to Coinglass, BCH’s open interest is over $229 million, an 85% spike in the last trading day. BCH-related trading volumes stand at over $2.8 billion during this time, a 4X surge.

Features Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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