Summary:
⚈ BCH broke key resistances amid 136.68% volume spike and strong market momentum
⚈ Crypto market hit $3 trillion again, boosting BCH’s cap past $8 billion
After a long time out of the limelight, Bitcoin Cash (BCH) has executed and, arguably, is executing, a staggering comeback.
At its press time price of $415.02, the Bitcoin fork cryptocurrency is up 10.77% in the last 24 hours and 14.22% in the last 7 days—placing it among the top 5 weekly performers among the 100 biggest digital assets—and 56.19% above the April 7 low of $265.70.
This has diminished the year-to-date (YTD) loss to just 4.43% for BCH.
Given the uptrend and the strength of the latest rally, there is little clear indication of how high BCH can go should it smash through the third and strongest of the near resistance levels, which lies at $417.40.
On the previous day of trading, Bitcoin Cash had already crashed through its two nearest resistances: the one near $391.13 and the one near $399.94. During the rally, BCH trading volume rocketed 136.68% to over $711 million.
The cryptocurrency has also been a major winner in the last 30 days of trading. It has risen 46% in that time frame and added $2.6 billion to its market capitalization, achieving almost twice as strong a return on investment (ROI) as BTC itself.
BCH stellar rally parallels market-wide upturn
As impressive as the BCS surge is, it is but a part of a wider cryptocurrency market upturn. Bitcoin itself, the unquestioned leader for digital assets, soared more than $2,500 in a matter of hours on May 7 and May 8 and is poised to regain the psychologically important $100,000 level.
The overall sector has also been doing well, as evidenced by the total market capitalization of coins and tokens. The cumulative valuation of digital assets has rocketed slightly more than $100 billion within the last 24 hours, per the data Finbold retrieved from TradingView on May 8.
The rally ensured that the entire digital assets sector has reclaimed the $3 trillion level with some stability for the first time since February, and helped BCH’s market capitalization soar above $8 billion for the first time since January.
Featured image via Shutterstock
