Bitcoin Cash Hits Fresh 1-Year High; Where is it Headed?
It has been quite the day for forks of Bitcoin. Over the past week we've seen:
Bitcoin +15.80%
Bitcoin Gold +11.50%
Bitcoin SV +43.88%
Bitcoin Cash +80.23%
Truly, a monster week for Bitcoin and its counterparts. The catalyst, some may say, perhaps has been Blackrock's filing to launch iShares Bitcoin Trust, an ETF. It must mean something that the world's largest manager of assets is taking an interest in Bitcoin. Anyway, crypto all across the board has been up this week. Most impressive is the performance is Bitcoin Cash (BCH).
BCH hit a fresh 1-year high of $196.71 and saw a whopping increase of 397% in daily trading volume.
So, in addition to an overall bullish move in crypto, Bitcoin Cash was announced as one of four tokens to be traded on EDX Markets. So it seems that perceived institutional interest is again being credited as a reason for the price increase. BCH has catapulted into the #20 largest crypto by market capitalization, currently sitting at over $4 billion.
Aside from the major institutional interest, retail interest is certainly growing in Bitcoin Cash. As Twitter user Kim Dotcom, who boasts over a million followers, points out:
Cashrain, currently in beta mode, is a platform where content creators make communities for their members to join. Once joined, people can send Bitcoin Cash to "rain" on the communities, and the BCH is randomly distributed amongst members. Currently, an invite code is required to join Cashrain.
Other retail favorite Bitcoin Cash earning platforms include:
So where is the price of Bitcoin Cash headed? Admittedly, it would pretty irresponsible of me to venture a guess. I will say this: from a technical perspective, it does appear that a test of the $200 level is in the cards in the short-term. On the monthly chart, there is a massive bull flag which can be indicative of a continued rise:
So, for now it's important to keep an eye on a continued elevation in trading volume. As long as that continues to increase, so should the price per token.
