Bitcoin – BTCUSD

The Bitcoin Cash price has broken out. The BCH is trading at $683, which is 53% above the two-week low of $441 and 13% below the year-to-date high of $775. Its market cap has surged to more than $13 billion. 

What happened: Bitcoin Cash has regained its momentum, in part because of the recent performance of Bitcoin. The BTC price has found some resistance slightly below its all-time high of $62,000 but analysts believe it is just a matter of time before it makes a bullish comeback. Indeed, analysts at JP Morgan expect the price to soar to more than $100,000 in the next few months.

As I have written before, Bitcoin Cash is often viewed as a proxy for Bitcoin. Many small traders who can’t afford the hefty $60,000 to buy a BTC, use their limited resources to buy BCH. It is a similar process in how many traders buy silver instead of gold.