
Bitcoin Cash Rises 5%, Signals Bullish Trend Against BTC
In just 24 hours, Bitcoin Cash shows a remarkable 5% increase, hinting at a bullish market trend against Bitcoin.
What You Need to Know:
- Bitcoin Cash (BCH) surged over 5% in the last 24 hours, reaching a peak of $528 despite weak fundamentals.
- The BCH/BTC pair has increased by nearly 20% in four weeks, with bullish indicators forecasting a potential bull market.
- Trading volume for BCH dramatically increased, tripling with over 120,000 BCH traded, indicating strong buyer interest.
BCH, originating from Bitcoin, has demonstrated notable gains even amidst broader market weaknesses. In just 24 hours, its price jumped from $491.25 to $516, hitting levels last recorded on December 18, as shown by CoinDesk data.
This surge is not supported by improvements in on-chain fundamentals, which have recently reached six-year lows in daily active addresses, reflecting that the price movements may be driven more by speculation than actual usage. Nonetheless, the recent trend could indicate a shift towards a more bullish market landscape as reflected by the BCH/BTC ratio reaching a significant high of 0.0049, buoyed by a golden crossover in their moving averages.
This substantial uptick in activity warrants attention, especially as the market shifts gears and explores new potential gains.