Bitcoin Cash Bulls Fee: 13% Price Surge Driven by New Demand cryptoforbs

price Bitcoin Cash It has seen a significant rise over the past 30 days, resulting in positive returns for investors. Since July, BCH holders have consistently maintained a positive outlook, reducing the pace of selling activity. These collective sentiments have played an important role in the upward trajectory of the BCH coin, thus resulting in positive outcomes for these coin holders.

BCH’s price is up about 13% compared to the previous week, giving it some of the biggest gains in the past seven days for crypto assets. According to CoinMarketCap data, the altcoin was trading at $234.78 at press time.

The value of the global cryptocurrency market has fallen to $1.06 trillion at the time of writing, a decline of 0.1% in one day. On Thursday, ETH rose about 0.8% to $1,629, while Bitcoin (BTC) rose slightly above $27,000.

Could Bitcoin Cash reach a new ATH this year?

BCH is expected to undergo a trial of the $229 support line, after which a subsequent recovery is expected. A breakout of the current barrier at $253 is crucial for the potential rise of the altcoin. If this level is surpassed, it could pave the way for the altcoin to achieve new highs for 2023, beyond the $300 mark.

BCH market cap currently at $4.6 billion on the weekend chart: TradingView.com

Bitcoin Cash has risen by a remarkable 90% in the past six months, demonstrating strong performance. Furthermore, the BCH price has risen significantly by 136% so far this year, while maintaining a decent return.

Santiment Research indicates that cryptocurrency whales have increased their holdings in Bitcoin Cash significantly. Collectively, Bitcoin whales with holdings ranging from 100,000 to 10 million BCH hold 3.74 million BCH as of September 18, 2023.

Source: Santiment

Long term holder titles up

But on September 26, their holdings increased to 3.86 million BCH, showing a noteworthy acquisition of 120,000 BCH in just one week. Their balances are now comparable to what they were in July 2023 thanks to this accumulation, and the 120,000 BCH purchased by Bitcoin Cash whales is worth about $25.6 million at the current market price of $213 per BCH.

Meanwhile, the increase in the number of long-term Bitcoin Cash holders indicates a positive outlook for the sustainability of the cryptocurrency. These committed investors, who believe in BCH’s long-term potential, contribute to a stable user base and demand for the network. This support from long-term holders, combined with whale accumulation, could help BCH reach or exceed $300 in the future.

(The content of this website should not be construed as investment advice. Investing involves risk. When you invest, your capital is at risk.)

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