The crypto market is riding on a wave of enthusiasm, and it appears as if the tide is specifically lifting the Bitcoin Cash boat, which has registered a significant 1.5% gain within 24 hours, and a meteoric 12% in just a week. This underscores a noticeable shift in whale investors who are throwing their weight behind BCH. Demonstrated by the altcoin’s trading volumen that skyrocketed from a mere $70 million over the weekend to nearly $500 million today.
Thanks to the recent market rally, BCH is showing impressive uptrend, boasting a considerable 23% month-on-month and staggering 142% year-to-date increase. And indications are that BCH still has the fuel to continue this upward trajectory. No doubt, BCH appears to be one of the bullish tokens, propelled by considerable buying pressure.
However, it’s important to pick apart the intricacies of the market. While BCH’s relative strength index is nearing 70, signaling significant buying interest, it could also indicate that the rally might be nearing its zenith. This is further suggested by the altcoin’s 30-day moving average, which has consistently stayed above its 200-day average for several months. This, theoretically, implies a potential price correction in the near future. Nevertheless, with its price once again breaking through its 30-day average, another breakout could be on the horizon.
Concurrently, it’s worth noting that BCH has enjoyed the limelight since the launch of EDX– a US-based exchange backed by market heavyweights such as Fidelity and Charles Schwab. Being one of only four tokens supported by the new exchange, BCH has gained prominence and is among the major beneficiaries of the SEC’s legal actions against Coinbase and Binance.
However, the future shine isn’t only favoring BCH. Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform, is turning heads. Launched last week, it has already secured a significant $150,000. How does it work? users stake their BTCMTX tokens to get hold of tokenized mining credits. These can then be burned to sponsor Bitcoin mining on the user’s behalf. Hence, with no requirement for expensive hardware, it’s advertised as the golden ticket to democratize access to Bitcoin mining. Although it should be reminded that the world of crypto is highly volatile, and the current market optimism should be taken with a grain of salt.
Source: Cryptonews
