Bitcoin Cash price has skyrocketed to a 13-month high amid hopes that the Bitcoin-based altcoin will receive the same categorization as commodities by US regulators. Bitcoin Cash, the spin-off of the world’s largest cryptocurrency has jumped by more than 124% in the past week, outperforming Bitcoin’s sizable 15% rise. BCH’s total market cap has climbed 31.43% over the past 24 hours to $6 billion, ranking it the 15th largest cryptocurrency after Polygon. The total volume of the asset traded over the same period has also increased by nearly 130%.
BCH To the Moon
Bitcoin Cash price has staged a significant recovery in the past few weeks on the back of the asset’s listing on EDX markets. The altcoin’s rally has also been buoyed by Bitcoin’s break above the critical level of $30,000. Bitcoin, the largest cryptocurrency by market cap, breached the two-month-old hurdle last week, saving the global crypto market cap from slipping below the crucial $1 trillion mark. As such, its rally resulted in increases in a slew of cryptocurrencies, including Bitcoin’s namesakes.
Bitcoin Cash has rocketed by more than 209% in the year to date, outstripping Bitcoin of its title as the best-performing cryptocurrency so far this year. BCH’s seismic gains began on June 21, after the Wall Street-backed crypto exchange, EDX Markets (EDXM) went live. Earlier in September 2022, Wall Street bigwigs, Charles Schwab, Fidelity, and Citadel Securities, announced that they would launch a platform that could meet the needs of both retail and institutional investors.
Upon its launch on June 20, the high-profile crypto exchange announced a listing of four digital assets, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. On-chain data has revealed that Bitcoin Cash has greatly benefited from the listing. Data by Santiment shows that since the launch of EDXM, BCH has witnessed a significant surge in whale transactions. For the first time since March 2022, the BCH whale trading activity has surpassed 700 transactions in a single day.
Bitcoin Cash Price Analysis
Bitcoin Cash price has breached the crucial level of $300 for the first time since April 2022 and is set to propel higher. On the daily chart, the digital asset has managed to move above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) is in the overbought zone at 87.
Therefore, the Bitcoin Cash price is likely to continue rallying in the immediate term as the buying pressure increases. If this happens, bulls will be targeting the next resistance level at $350.