In the past week, most of the crypto assets have displayed significant gains, with prices up in the green, as the assets soared and trended strongly in the positive territory.
Bitcoin Cash (BCH) stands out among these digital currencies as it has demonstrated remarkable price appreciation within the last 24 hours, positioning itself among the top three performers among the top 100 cryptocurrencies by market capitalization. Joining Bitcoin Cash in this noteworthy surge are Flow (FLOW) and Conflux (CFX).
On June 21, BCH saw its pride rise from $104 to $129, adding an impressive $450 million to its market cap. Due to this spike, the crypto’s market cap stood at about $2.52 billion, up over 21% from $2.07 billion in a day. Since then, as of June 24, Bitcoin Cash has continued with its upside momentum trading above $192 with a market cap of $3.756 billion.
It is worth noting that this recent surge follows a notable event in the cryptocurrency’s journey. Earlier this month, Bitcoin Cash (BCH) encountered a temporary dip, briefly falling below the crucial support level of $100. However, the cryptocurrency has since rebounded strongly, showcasing its resilience and regaining positive momentum.
On the weekly chart, Bitcoin Cash appears to be gaining an upside momentum.
Buy Crypto NowWhat Is Pushing Bitcoin Cash Higher?
Bitcoin Cash (BCH), a derivative of the original Bitcoin created in 2017, witnessed a remarkable surge in its price on Wednesday, benefiting from a broader market rally. The leading cryptocurrency, Bitcoin (BTC), spearheaded this upward trend, experiencing a notable gain of over 7% in the past 24 hours. This surge translated into an impressive addition of more than $40 billion to Bitcoin’s overall market value.
As expected, the upward movement of Bitcoin had a positive influence on other prominent altcoins, leading to a collective rise in their prices. Altcoins such as Litecoin (LTC), Cardano (ADA), Stacks (STX), and Polygon (MATIC) experienced significant gains, mirroring the momentum of Bitcoin and contributing to the overall positive trend in the market.
Furthermore, the notable surge in Bitcoin Cash’s (BCH) value can also be attributed to the recent launch of EDX Markets. This crypto exchange, supported by influential institutional investors such as Citadel Securities, Fidelity Investments, and Charles Schwab, likely played a significant role in bolstering BCH’s impressive rally. The involvement of these prominent entities adds credibility and fosters investor confidence, potentially attracting more attention and capital towards Bitcoin Cash.
Currently, Bitcoin Cash (BCH) stands as one of the four cryptocurrencies supported on the EDX exchange, alongside Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
