Bitcoin Cash Reaches Seven-Month High Amid Whale-Driven Rally
Bitcoin Cash (BCH), often referred to as “Bcash,” surged past $520 on Tuesday, climbing to a seven-month peak and registering substantial gains over recent weeks. Analysts suggest the momentum, however, is largely fueled by large holder activity.
- Prices climbed 15% in the past week and over 29% in the last month.
- Trading volume saw a significant jump, with average transactions rising from $10,000 in April to $75,000 in late June.
- Compared to its parent Bitcoin (BTC), which saw minimal gains this month, BCH significantly outperformed the broader crypto market.
According to Illia Otychenko, Lead Analyst at CEX.IO, the recent price escalation correlates with a sharp increase in transaction values from large holders. While this whale-driven activity pushed prices higher, Otychenko noted a subsequent cooling of this pressure and a potential shift towards consolidation.
Alternatively, Russell Shor of Tradu attributes the rally partly to “risk-on sentiment” and “bullish technicals.” Shor anticipates BCH could challenge the $600 level but cautioned that “market swings and regulatory uncertainties” pose risks. He highlighted the $460-$470 range as a key support level.
About Bitcoin Cash
Splitting from Bitcoin in 2017, BCH operates on a distinct blockchain with a larger block size than Bitcoin, attracting significant trading volume despite being functionally similar.
