Bitcoin Cash Surges to One-Year High - Could This Signal a Bull Run?

Join Our Telegram channel to stay up to date on breaking news coverage

While altcoins are often considered to be some of the most profitable assets to consider investing in, the past few months have definitely painted a different picture. Surprisingly, the cryptocurrency market has seen a slight change in movement in the past few days, with prices of some major altcoins doing well. Among these altcoins is Bitcoin Cash, which has impressively surged to its one-year high amidst all the ongoing market chaos.

As a project that has been around for quite some time now, the price of Bitcoin Cash or BCH has been closely connected to the movement of BTC. However, the front-runner crypto’s price action has been rather stagnant, once it hit the $30,000 level again. It has been fluctuating within the $30,000 to $30,100 range for the past week. So, it came as a shock to investors when they noticed the price of BCH taking a swift move in the upward direction.

Why is BCH Pumping?

Bitcoin Cash has emerged as one of the best-performing assets in the current cryptocurrency market. Since the start of June, BCH has experienced a constant uptrend, recording a surge of over 40%.

This remarkable growth is evident amid Bitcoin’s dominance reaching its highest level in over two years, following BlackRock’s application for a Bitcoin ETF and other developments within the finance space, which have positively affected the market.

BTC’s price surged above $30,000 per coin for the first time since April, with a $3,000 spike within less than 48 hours. However, despite Bitcoin’s dominance boost, it is Bitcoin Cash that has outperformed the market to a greater degree. This can be attributed to various factors, including BCH being listed on multiple exchanges, such as the newly released EDX Markets exchange. The collective influence of these elements has played a significant role in driving up the value of the BCH token.

In fact, during significant market events, investors frequently search for altcoins with high growth potential to invest in. Considering the current excitement surrounding the “Bitcoin ETF” in the financial industry, it is highly likely that a considerable number of investors are contemplating allocating their funds to Bitcoin Cash (BCH) with the expectation of future price appreciation.

This might be driven, in part, by the similarity in name to Bitcoin, which could capture the attention of some investors. Surprisingly, such a rationale may even resonate with certain individuals, considering the peculiar reasons behind price hikes witnessed by other cryptocurrencies in the past.

BCH pumping can't be good. pic.twitter.com/jpYHYyWx6X

— Byzantine General (@ByzGeneral) June 26, 2023

While these factors may be highly speculative, it is important not to overlook the potential impact of such sentiments as a valid reason behind the recent surge in the value of BCH tokens. Infact, some investors also took to social media to express their excitement and concern about BCH shooting up in price out of the blue.

What Exactly is BCH All About?

Bitcoin Cash (BCH) is a cryptocurrency that originated from a hard fork of the Bitcoin blockchain in 2017. Through a hard fork, the blockchain splits into two separate chains that are not compatible with each other, requiring all nodes or users to upgrade to the latest protocol software version. This radical change allows previously invalid blocks and transactions to become valid, or vice versa.

The main purpose of Bitcoin Cash is to provide a cost-effective payment system, similar to the original vision of Bitcoin. Transaction fees for BCH are generally less than $0.01, and transaction confirmation times are significantly faster than those of Bitcoin, typically taking just seconds. Bitcoin Cash is maintained by a dedicated community of developers who view it as a necessary alternative to Bitcoin. They believe that Bitcoin has evolved into more of an investment instrument rather than a practical payment system.

Bitcoin Cash, on the other hand, was specifically designed as a peer-to-peer payment system that aims to eliminate the need for regulatory authorities and other intermediaries in financial transactions. The Bitcoin Cash network operates on Bitcoin Cash Node, which serves as the underlying infrastructure for conducting transactions with BCH. Bitcoin Cash Node can be thought of as the virtual machine powering the Bitcoin Cash blockchain, ensuring the security and reliability of the network.

Will the BCH Pump Trigger a Bull Run?

Bitcoin Cash (BCH) has undoubtedly garnered attention as a cryptocurrency within the blockchain industry over time. However, when examining its price movements and average trading volume, it becomes evident that its influence on the market has not been particularly significant. Unlike leading altcoins such as Ethereum, Polygon, or Solana, as well as meme-inspired coins like Dogecoin and Shiba Inu, which have acted as catalysts for sudden market pumps, it seems unlikely that BCH would have the potential to trigger such an event, let alone a full-fledged bull run.

As of the present moment, the price of BCH has experienced a minor decline, which can be considered normal considering the rapid increase it had witnessed in recent days. Nonetheless, if investors are seeking to allocate their funds towards high-quality assets, it is plausible that they may now start paying attention to BCH as a viable option.

Newest Meme Coin ICO - Wall Street Pepe

Rating