Bitcoin Cash (BCH) has seen a significant increase of over 13% in the last 24 hours, making it the top gainer among the leading 100 cryptocurrencies on July 29. The price surge has pushed BCH to $451, with a daily trading volume of around $427 million. Despite this increase, the cryptocurrency’s market cap is still down by 88.3% from its all-time high of $3785.8 reached in 2017.
Originating from a hard fork of Bitcoin in 2017, Bitcoin Cash was created due to disagreements within the Bitcoin community regarding proposed upgrades. Like Bitcoin, BCH operates on a Proof of Work mechanism, has a capped 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. One key difference between Bitcoin and Bitcoin Cash is the block size, with BCH supporting blocks of up to 32 MB, allowing for a greater number of transactions to be processed.
The recent surge in Bitcoin Cash’s price reflects a growing interest from investors, particularly retail traders, in more economically priced alternatives to Bitcoin, which is currently trading around $70,000 per unit. This accessibility of investment opportunities in Bitcoin Cash and similar hard forks has attracted investors looking for lower-priced options. The recent rally in BCH is also partly attributed to Kraken’s distribution of Bitcoin and Bitcoin Cash to customers affected by the 2014 Mt. Gox hack.
Whale activity has been significant in Bitcoin Cash, with notable purchases reported by the whale tracker “FishTheWhales” on July 29. A trading analyst known as Dz_4L highlighted that Bitcoin Cash has emerged from an inverse head and shoulders pattern, indicating a bullish trend. Based on this momentum, he predicts that BCH could see a further price increase of 15-20%. Interest in Bitcoin has also spiked following former President Donald Trump’s announcement of major initiatives involving digital assets, including a proposed national Bitcoin reserve in the U.S.
In addition to Bitcoin Cash, other leading altcoins such as Ethereum, Dogecoin, Ripple, Solana, and Litecoin have also posted modest gains. The overall sentiment in the crypto market is positive, with the Market Fear & Greed Index scoring 63 (Greed) out of 100. The global cryptocurrency market capitalization currently stands at $2.48 trillion, reflecting a growth of 3.34% in the past 24 hours. Bitcoin is trading at $69,716, with a 3.23% increase in the last 24 hours, signaling a positive trend in the market.
In conclusion, the recent surge in Bitcoin Cash’s price, along with the overall positive sentiment in the crypto market, reflects a growing interest from investors in alternative cryptocurrencies. As retail traders seek more affordable investment options, Bitcoin Cash and other hard forks provide accessible opportunities for investment. With notable whale activity and bullish patterns emerging, Bitcoin Cash could see further price increases in the coming days. Additionally, developments such as Kraken’s distribution and President Trump’s digital asset initiatives further contribute to the positive momentum in the cryptocurrency market.
