Markets
Bitcoin Cash Surges 13%, Becoming Top Gainer in Crypto Market Today
Bitcoin Cash has seen a significant increase of over 13% in the last 24 hours, becoming the fastest-growing cryptocurrency among the top 100 on July 29.
At the time of writing, Bitcoin Cash (BCH) has increased by 13.6% in the last 24 hours and is trading at $451. The cryptocurrency’s daily trading volume stood at around $427 million, according to data from crypto.news.
BCH Price Chart 24 Hours | Source: crypto.news
Additionally, the cryptocurrency’s market cap was $8.75 billion, making it the 16th largest cryptocurrency, according to CoinGecko. Despite the recent price surge, the token is still down 88.3% from its all-time high of $3,785.8, reached on December 20, 20217.
Originating from a hard fork of Bitcoin in 2017, Bitcoin Cash was created following disagreements within the Bitcoin community over proposed upgrades. Like its predecessor, Bitcoin Cash operates on a Proof of Work (PoW) mechanism, has a limited supply of 21 million coins, and undergoes a halving event every four years. The reward for mining Bitcoin Cash is currently set at 6.25 BCH.
A notable distinction between Bitcoin and Bitcoin Cash is the block size; Bitcoin Cash supports blocks up to 32 MB, significantly larger than Bitcoin’s 1 MB limit. This larger block size allows Bitcoin Cash to process more transactions in the same amount of time.
The recent price surge highlights the growing interest of investors, especially retail traders, in cheaper alternatives to Bitcoin, which is currently trading at around $70,000 a unit.
While Bitcoin remains one of the most expensive cryptocurrencies, making it difficult for some investors to gain full ownership, Bitcoin Cash and similar hard forks present more accessible investment opportunities due to their lower prices.
The recent surge in Bitcoin Cash (BCH) is partly attributed to the success of Kraken Distribution of Bitcoin and Bitcoin Cash to customers affected by the 2014 Mt. Gox cyber attack. This distribution occurred on July 27, 2024, marking a crucial step in solving the long-standing problem Mt. Gox Case.
In addition, significant whale activity has been recorded. reported with significant purchases of BCH, as indicated by whale tracker “FishTheWhales” in his July 29 post.
A trading analyst known as Dz_4L highlighted on X that Bitcoin Cash has emerged from an inverse head and shoulders pattern, suggesting an uptrend. He predicts that BCH could see a further 15-20% price increase based on this momentum.
Meanwhile, interest in Bitcoin has increased following the former President Donald Trump’s announcement on major initiatives involving digital assets, including a proposal for a national Bitcoin reserve in the United States
At the moment, Bitcoin (BTC) is trading at $69,716, up 3.23% over the last 24 hours, with a low of $67,314 and a high of $69,804 in the same time frame.
Other leading altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (Exchange rate risk), Solana (SOL), and Litecoin (LTC) also posted modest gains. The overall sentiment in the cryptocurrency market is positive, with the Market Fear & Greed Index showing a score of 63 (Greed) out of 100.
The global cryptocurrency market cap currently stands at $2.48 trillion, up 3.34% over the past 24 hours.