- Bitcoin Cash bounced back after Grayscale’s legal win and increased market interest.
- Positive sentiment, rising social engagement, and whales impacted BCH’s resurgence.
Following Grayscale’s recent legal win against the SEC, a wave of positivity swept through the cryptocurrency market, elevating Bitcoin’s price and pulling other coins along, including Bitcoin Cash [BCH].
Realistic or not, here’s BCH’s market cap in BTC’s terms
“Cash”ing in
In a significant rebound, Bitcoin Cash’s price surged from its recent low of $180 just two weeks ago to a healthier $214, as revealed by Santiment’s data. This positive momentum marked a turnaround for BCH.
Both short-term and long-term traders were finally reaping profits after a dry spell since mid-June.
📈 #BitcoinCash enjoyed a healthy price rebound, currently back at $214 after being as low as $180 just 2 weeks ago. Short & long term traders are both in profit for the first time since mid-June, and whales will be key to a further surge. https://t.co/frgwqpoDmz pic.twitter.com/dLA5kEcKBV
— Santiment (@santimentfeed) August 31, 2023
The recent price uptick indicated a renewed interest in Bitcoin Cash. After facing a significant drop, the coin’s ability to bounce back showed its resilience in the face of market fluctuations.
It’s worth noting that while the coin has regained its foothold, the challenges of sustaining this upward trajectory remain.
Whales, often regarded as key influencers in cryptocurrency markets, will play a crucial role in determining the extent of Bitcoin Cash’s surge. Their strategic moves and trading activities can sway market sentiment and potentially lead to a further surge in BCH’s value.
Analyzing the social landscape
Apart from price recovery, Bitcoin Cash’s social presence has also witnessed a notable uptick. Social mentions related to BCH have grown by an impressive 22.7% over the last week.
Engagements, including likes, shares, and comments, have surged by a significant 53.47%, highlighting an increased level of community engagement and interaction.
Source: Lunar Crush
Additionally, the sentiment surrounding Bitcoin Cash reached new heights. Positive comments and discussions outweighed the negative ones on various social platforms.
This positive sentiment suggested that investors and enthusiasts were optimistic about BCH’s potential growth and value appreciation in the near future.
Is your portfolio green? Check out the BCH Profit Calculator
Interestingly, while the coin’s velocity had spiked, the number of holders has remained relatively stable. This combination can have multifaceted implications. The increased velocity implies that BCH is being transacted more frequently, which could be indicative of trading activities and short-term investments.
On the other hand, the stable number of holders might indicate a consistent core of long-term supporters who believe in the coin’s potential for sustained growth.
Source: Santiment