Bitcoin Cash (BCH) has seen a significant price increase over the past month, resulting in favorable returns for investors. The positive sentiment among BCH holders has led to reduced selling activity and contributed to the upward trajectory of the cryptocurrency. In the last week alone, BCH has experienced gains of about 13%. The altcoin is currently trading at $234.78, making it one of the top-performing cryptocurrencies in recent days.
The overall value of the global cryptocurrency market has slightly decreased to $1.06 trillion, with Ethereum (ETH) and Bitcoin (BTC) also experiencing small increases. There is anticipation that BCH will face a support line test at $229, followed by a subsequent rebound. Breaking the current barrier at $253 is crucial for the altcoin’s potential rise, opening the possibility for BCH to reach new all-time highs beyond $300.
Bitcoin Cash’s strong performance in the past six months, with a remarkable 90% increase, demonstrates its potential. Research indicates that large investors, known as whales, have significantly increased their holdings of BCH. These whales, collectively holding 3.74 million BCH, have acquired an additional 120,000 BCH in just one week. This accumulation, combined with the support from long-term holders, could contribute to BCH exceeding the $300 mark in the future, highlighting the cryptocurrency’s sustainability.