Here’s why Bitcoin Cash has pumped 10% in a week, as Bitcoin BSC hits $3 million
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The crypto market is on the move again this week, with major coins like Bitcoin Cash (BCH) surging over 10% in the last seven days.
This surge has pushed BCH back above the vital $200 level, which has previously acted as a powerful psychological barrier for investors.
Another project benefiting from renewed crypto investment activity is Bitcoin BSC (BTCBSC), which just hit $3 million raised in its ongoing presale event.
Resurgent Bitcoin Cash soars 10% in a week as bulls regain control
Bitcoin Cash is a crypto project created back in 2017 as a result of a hard fork from the original Bitcoin.
This hard fork was initiated after a group of Bitcoin users split off, wanting to increase the block size to allow more transactions to be processed in each block – thereby reducing fees.
Since its creation, Bitcoin Cash has undergone several further forks, leading to the creation of new cryptos like Bitcoin SV and Bitcoin ABC.
However, Bitcoin Cash remains one of the more recognized and widely-used descendants of Bitcoin, boasting a market cap of $4.2 billion.
This makes BCH the 18th largest cryptocurrency globally at the time of writing, ahead of crypto market stalwarts like Chainlink and Stellar.
According to Blockchair.com, over 25.6 million wallet addresses are associated with Bitcoin Cash, while the network regularly handles more than 50,000 transactions per day.
BCH eyes further gains as major resistance level nears
Unfortunately for BCH holders, the project’s scale hasn’t translated into consistent price appreciation, as the coin has faced significant volatility in the past two months.
However, things could be about to change, with BCH’s price surging 10% in the past week.
At the time of writing, BCH is hovering around the $219 level and has risen above the 20-day and 50-day Exponential Moving Averages (EMAs) on the daily price chart.
Bitcoin Cash’s price rise hasn’t been brought about by one specific catalyst – instead, the coin’s value has benefited from Bitcoin’s recent reversal.
Given their historical correlation and the fact that both cryptos share a common origin, when BTC sees positive momentum, Bitcoin Cash often follows suit.
This scenario appears to be playing out in the market right now, with Bitcoin’s price up over 8% in the past week, leading to a boost in demand for BCH.
BCH is still over 30% below June's intra-year high, although momentum is on its side, suggesting that a continued push could be on the cards.
The next significant challenge for BCH lies at the $225 level, which has acted as resistance in the past.
Breaching this level would be a bullish sign for BCH, potentially providing a pathway for the coin to return to $250, where it traded in late July.
With CoinGecko reporting that more than 76% of users are “feeling good” about Bitcoin Cash today, it’s evident that investor sentiment is shifting – priming it for an eventful few weeks ahead.
Influencers take note as popular Bitcoin BSC presale tops $3 million
As the broader crypto market begins to show signs of a rebound, one project that’s benefiting is Bitcoin BSC (BTCBSC).
This innovative crypto combines the sentimentality of Bitcoin with the efficiencies offered by the Binance Smart Chain – thereby offering investors a unique blend of features that hasn’t been seen before.
After launching its presale just under three weeks ago, Bitcoin BSC has already raised over $3 million in funding.
This milestone highlights the hype building around the project, evidenced by the official X account exceeding 7,000 followers.
Well-known crypto influencers have also been showing an interest in Bitcoin BSC, recognizing its solid tokenomics and appealing branding.
Prominent YouTuber No Bs Crypto recently uploaded a video breakdown of Bitcoin BSC, speculating that it could be "the next Bitcoin."
No Bs Crypto also highlighted Bitcoin BSC’s built-in staking protocol, which allows BTCBSC holders to earn yields of 174% per year.
Looking ahead, Bitcoin BSC’s team plans to launch BTCBSC on a major decentralized exchange (DEX) in Q4 2023, with 2% of the total token supply reserved for locked liquidity.
With so much activity around Bitcoin BSC already, its listing later this year is poised to be a sizable event, potentially leading to substantial price appreciation for early investors.
This is a sponsored post. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by the external author of the post. You should be aware of all the risks associated with trading. Cryptocurrency presales can be very risky investments as the assets have yet to be proven in the market. Some or all the tokens mentioned in the articles may be devalued or subject to scams, and investors may lose all capital as most of these assets lack proper due diligence. FXStreet is not responsible for any losses incurred from investments in crypto presales.
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