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- Bitcoin Cash (BCH) reaches its one-year peak of $196.71.
- The trading volume of BCH increased by 397% in the past 24 hours.
The current season for Bitcoin ETFs is effectively energizing bullish sentiment in the cryptocurrency market. Following an extended period of uncertainty, Bitcoin (BTC) has risen to achieve its one-year peak at $31K. Supporting BTC, forked cryptocurrencies have emerged as the leading gainers with unexpected price surges. Notably, Bitcoin Cash (BCH) experienced a 30% increase in the last 24 hours, reaching its one-year high.
In addition to BCH, Bitcoin SV (BSV) and Ethereum Classic (ETC) also saw significant price increases. This appears to be a consequence of the Citadel-backed and Fidelity-supported exchange EDX Markets (EDX) announcing the listing of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and BCH.
With this impressive rally, BCH has re-entered the top 20 cryptocurrencies by market capitalization. The altcoin surged 81% over the past week, achieving a market cap of $3.72 billion, breaking free from its previous consolidation.
Are Investors Optimistic About Bitcoin Cash (BCH)?
According to TradingView data, the BCH/USDT pair traded at a new yearly high of $199.5 on the leading crypto exchange Binance. The daily price chart indicates a transition of BCH into a bullish phase within the cryptocurrency market.
Bitcoin Cash (BCH) Daily Price Chart (Source: TradingView)
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Two indicators — moving average convergence/divergence (MACD) and average directional index (ADX) — validate the altcoin’s upward trend. The MACD line crossing above the signal line and forming a bullish histogram emphasizes the strength of the trend. Furthermore, the ADX at 35 indicates that the current trend is robust. The daily RSI value was recorded at 86.45, indicating that BCH is in the overbought territory.
The 24-hour period also noted a significant increase in Bitcoin Cash trading volumes. As per CoinMarketCap, BCH’s volume surged over 396% to $1,528,388,068. Conversely, this cryptocurrency also faced substantial liquidations following Bitcoin (BTC) and Ethereum (ETH).
Bitcoin Cash (BCH) Liquidations in 24H (Source: Coinglass)
In the last 24 hours, investors liquidated more than $10.69 million worth of BCH from major crypto exchanges. Notably, $7.27 million of the liquidated trades were short positions, while $3.42 million were long positions.
The largest BCH liquidation order was recorded on the crypto exchange Binance, totaling $4.31 million. Additionally, liquidations of $3.44 million occurred on OKX, $1.94 million on Bybit, and $406.3K on Huobi.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not necessarily represent the views of TheNewsCrypto. The information provided should not be construed as investment advice.
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