Bitcoin Cash (BCH) surged slightly above $280 on Friday, marking over a 13% recovery from its previous weekly lows of $250.
Bitcoin Cash Movements!
While BCH has been hovering around the $250-$330 range over the past week, the recovery is not particularly thrilling. BCH bulls are catching their breath within the last seven days, following a threefold increase from the token’s low levels of under $100 in the second half of June.
The announcement that Bitcoin Cash will be among several cryptocurrencies to be listed by the cryptocurrency exchange EDX Markets served as a catalyst for the significant price increase in June. EDX Markets, recently launched and backed by a slew of large financial institutions such as Fidelity, Charles Schwab, and Citadel, is expected by analysts to be more favorably viewed by regulators than competitors like Coinbase.
Bitcoin Cash was created in August 2017 as a result of a hardfork in the original Bitcoin Blockchain. The creators initiated the new blockchain to address limitations of its peer, such as scalability and transaction speed issues.
Bitcoin Cash Data!
According to CoinGecko, the strong performance exhibited by Bitcoin Cash since mid-June has led to an increase of over 150% in the past thirty days. This indicates that it is the top-performing cryptocurrency in the top 100 by market value.
Bulls have identified the long-term support-resistance level around $385 as the short-term key price target. The strong rally in the past few weeks has led some crypto investors to worry that they may have missed their chance to buy BCH cheaply.
While a strong exit from the $90-$160 range, where the cryptocurrency has been stuck for about a year, certainly seems to suggest expectations for a longer-term uptrend, BCH is still far below its previous all-time highs.
