Bitcoin Cash (BCH) is capturing the attention of the crypto community with its continued price hike. The recent listing of BCH on EDX, a Citadel Securities-backed crypto exchange, has sparked renewed interest in this digital asset.
While investors eagerly watched its progress, the price of BCH on CoinGecko It stands at $291.80, showing a 24-hour rally of nearly 7% and an impressive seven-day rally of 27.5%.
Source: Coingecko
The general bullish trend in the cryptocurrency market has contributed to the positive trajectory of BCH. With cryptocurrencies gaining mainstream acceptance and adoption, investors are looking for alternatives beyond traditional giants like Bitcoin and Ethereum, and BCH has emerged as a viable competitor.
However, the question on everyone’s mind is whether Bitcoin Cash can sustain its current bullish streak.
BCH whales paused in buying amid rising prices
While the recent listing on EDX has undoubtedly played a role in this rally, On-chain data It reveals an interesting aspect of the price hike. A group of Bitcoin Cash whales holding large amounts of 1 million to 10 million coins emerged as a pivotal player in driving last month’s rally.
Source: Santiment
Between June 21st and June 30th, BCH whales collected 170,000 coins, worth about $52.4 million. Their large purchases have had a significant impact on the price of the asset, as whales have significant financial power and strategic influence over other investors. When whales buy more coins, this often increases the price of the asset.
However, an interesting development emerged in July. The same group of BCH whales, who had been actively collecting coins during the June rally, have clearly stopped their buying spree. Specifically, between July 1st and July 4th, total BCH balances remained relatively stable, hovering around 1.51 million coins.
BCH market cap currently at $5.6 billion. Chart: TradingView.com
The future path of Bitcoin Cash
The whales’ decision to halt their buying activity raises questions about the current market sentiment surrounding Bitcoin Cash. Are these whales taking a cautious approach, waiting for market assessment before making further moves? Or that their standing refers to a Temporary lull in rising BCH rates?
Understanding the behavior of investors as broad as whales is essential in forecasting market trends. Their actions often influence the feelings and decisions of other traders and investors. The pause in buying activity may affect the short-term price dynamics of Bitcoin Cash.
With the market watching Bitcoin Cash with bated breath, the question arises whether the recent price rally can survive without the continued support from these influential whales. The coming weeks will highlight the overall market sentiment and the role these whales will play in shaping the future path of Bitcoin Cash.
(The content of this website should not be interpreted as investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image of CRepto Economics
