Bitcoin Cash Bulls Charge: 13% Price Rally Driven By Fresh Demand
01 Oktober 2023 - 8:07AM
NEWSBTC
The price of Bitcoin Cash has experienced significant rise over the
course of the last 30 days, resulting in favorable returns for
investors. Since July, BCH holders have continuously maintained a
positive perspective, which has reduced the frequency of selling
activity. This collective sentiment has played a significant role
in the upward trajectory of BCH, consequently yielding favorable
outcomes for these holders. The price of BCH has increased by about
13% over the previous week, giving it some of the biggest gains in
the last seven days for cryptocurrency assets. According to
CoinMarketCap data, the altcoin was trading at $234.78 at the time
of publication. The value of the world’s cryptocurrency market
dropped to $1.06 trillion at the time of writing, a 0.1% decrease
in a day. On Thursday, ETH increased by about 0.8% to $1,629, while
Bitcoin (BTC) rose slightly above the $27K level. Can Bitcoin Cash
Reach New ATH This Year? BCH is anticipated to undergo a trial of
the support line at a value of $229, after which a subsequent
rebound is projected. The breach of the current barrier at $253 is
crucial for the potential rise of the altcoin. If this level is
surpassed, it might pave the way for the altcoin to achieve new
2023 highs, beyond the $300 mark. BCH market cap currently at $4.6
billion on the weekend chart: TradingView.com Bitcoin Cash has
increased by a remarkable 90% in the last six months, demonstrating
strong performance. Furthermore, the price of BCH has been up
significantly by 136% so far this year, maintaining a favorable
return. Related Reading: Maker (MKR) Inks 20% Price Advance, Leads
Top 50 Coins Today Santiment research indicates that whales in the
cryptocurrency space have increased their holdings in Bitcoin Cash
significantly. Collectively, bitcoin whales with holdings ranging
from 100,000 to 10 million BCH held 3.74 million BCH as of
September 18, 2023. Source: Santiment Long-Term Holder Addresses Up
But on September 26, their holdings had increased to 3.86 million
BCH, showing a noteworthy acquisition of 120,000 BCH in just one
week. Their balances are now comparable to what they were in July
2023 thanks to this accumulation, and the 120,000 BCH that the
Bitcoin Cash whales purchased are worth about $25.6 million at the
current market price of $213 per BCH. Related Reading: CRV Price
Surges 16% – What’s The Next Move For Curve DAO Token? Meanwhile,
the increase in long-term holders of Bitcoin Cash indicates a
positive outlook for the cryptocurrency’s sustainability. These
committed investors, who believe in BCH’s long-term potential,
contribute to a stable user base and network demand. This support
from long-term holders, combined with whale accumulation, could
help BCH reach or exceed $300 in the future (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from iStock
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