Bitcoin Cash (BCH) Records Jaw-Dropping Increase in Daily Volume
- Bitcoin Cash (BCH) hits its 1-year high of $196.71.
- The trading volume of BCH surged 397% in the last 24 hours.
The current Bitcoin ETFs season succeeds in powering the bulls in the crypto market. After a long period of distress, Bitcoin (BTC) climbs up to attain its one-year high at $31K. Aiding BTC, forked cryptocurrencies march in as the top gainers with surprising price rallies. Remarkably, Bitcoin Cash (BCH) surged 30% over the past 24 hours to hit its one-year high.
Alongside BCH, Bitcoin SV (BSV) and Ethereum Classic (ETC) spiked with staggering price gains. Seemingly, this is an aftereffect of Citadel-back and Fidelity-backed exchange EDX Markets (EDX) announcing the listing of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and BCH.
With this remarkable rally, BCH regained its entry into the top 20 cryptocurrencies by market capitalization. The altcoin jumped 81% in 7 days to reach a market cap of $3.72 billion, breaking its consolidation.
Are Investors Bullish on Bitcoin Cash (BCH)?
As per TradingView data, the pair BCH/USDT traded at a new yearly high of $199.5 on the largest crypto exchange Binance. The daily price chart has begun displaying the shift of BCH to a bullish state in the crypto market.
Two metrics — moving average convergence/divergence (MACD) and average direction index (ADX) — confirm the altcoin’s uptrend. The MACD line crossing above the signal line and laying a bullish histogram highlights the trend’s intensity. Additionally, the ADX at 35 denotes that the ongoing trend is strong. While the daily RSI value stood at 86.45 to highlight the movement of BCH in the overbought zone.
The 24-hour window also recorded a massive surge in the trading volumes of Bitcoin Cash. According to CoinMarketCap, BCH’s volume soared over 396% to $1,528,388,068. On the other hand, this cryptocurrency also experienced huge liquidations after Bitcoin (BTC) and Ethereum (ETH).
In the past 24 hours, investors liquidated over $10.69 million worth of BCH from top crypto exchanges. Notably, $7.27 million worth of trades liquidated were short and $3.42 million were long.
Crypto exchange Binance recorded the largest BCH liquidation order — which amounted to $4.31 million. Meanwhile, liquidation of $3.44 million occurred on OKX, $1.94 million on Bybit, and $406.3K on Huobi.
Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be interpreted as investment advice.
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