Following news that Grayscale emerged victoriously from a court appeal against the Securities and Exchange Commission, the price of Bitcoin Cash (BCH) took a considerable leap of 15% within 24 hours, elevating the cost of one BCH to $219.44. The reverberations of this victory were also felt by other Bitcoin-related tokens, including Bitcoin SV (BSV) and Stacks (STX).
The appeal’s outcome indicates that the SEC must review Grayscale’s Bitcoin ETF application once again, a development that not only benefits Bitcoin (BTC), but could also open the floor for further cryptocurrency exchange-traded funds – perhaps even a BCH ETF.
From a technical perspective, the signs are also positive for BCH. A substantial surge was noted in BCH’s relative strength index, while the coin’s price cut across its 30-day and 200-day averages, marking an uptick in momentum. While the rally is still relatively fresh, the signs show room for further upwards movement.
However, standing at the precipice of an optimistic outlook lurks uncertainty. As much as the value increase of Bitcoin Cash fosters excitement, it is essential to remember that it stemmed from news related to Bitcoin, not BCH directly. The question remains whether BCH can shake off this reliance on the fate of Bitcoin, releasing news that pertains directly to its growth and development. While there’s speculation that BCH could ascend to $250, and potentially even $300 with a successful Bitcoin ETF launch – this is all ultimately tied to Bitcoin’s triumph.
In this light, looking at altcoins that are primed for rally from their own merits might prove prudent. A fine example of this is the upcoming Sonik Coin (SONIK). This ERC-20 meme token has raised over $750,000 since its presale launch and has been winning over investors with its vibrant, edgy character. With 50% of its supply reserved for presale and 40% kept for staking rewards, the decentralization of this coin helps to protect against large sell-offs by individual holders.
In conclusion, the recent news related to Grayscale’s victory has certainly kick-started a rally for Bitcoin and BCH. Yet, for a more sustained and potentially disruptive surge, each coin must forge its own success story, much like the upcoming SONIK coin.
Source: Cryptonews
