The price of Bitcoin cash has seen a significant increase over the past 30 days, resulting in favorable returns for investors. Since July, BCH holders have consistently maintained a positive outlook, reducing the frequency of sales activity. This collective sentiment has played a major role in BCH’s upward trajectory, and has consequently produced favorable results for these holders.
The price of BCH has risen by around 13% over the past week, making it one of the biggest gains for cryptocurrency assets in the past seven days. According to CoinMarketCap data, the altcoin was trading at $234.78 at the time of publication.
The value of the global cryptocurrency market fell to $1.06 trillion at the time of writing, down 0.1% in one day. On Thursday, ETH rose about 0.8% to $1,629, while Bitcoin (BTC) rose slightly above the $27K level.
Can Bitcoin Cash Reach a New ATH This Year?
BCH is expected to test the support line at $229, after which another recovery is expected. Breaking the current barrier of $253 is crucial for the potential rise of the altcoin. If this level is exceeded, it could pave the way for the altcoin to reach new highs in 2023, beyond the $300 mark.
BCH market cap currently at $4.6 billion on the weekend chart: TradingView.com
Bitcoin Cash is up a whopping 90% over the past six months, demonstrating strong performance. Furthermore, the price of BCH has risen significantly by 136% so far this year, making returns still favorable.
Santiment Research shows that whales in the cryptocurrency world have significantly increased their holdings of Bitcoin Cash. Collectively, Bitcoin whales with assets ranging from 100,000 to 10 million BCH owned 3.74 million BCH as of September 18, 2023.
Source: Santiment
Long term holder addresses up
But by September 26, their holdings had increased to 3.86 million BCH, showing a remarkable acquisition of 120,000 BCH in just one week. Thanks to this accumulation, their balances are now comparable to what they were in July 2023, and the 120,000 BCH that the Bitcoin Cash whales purchased are worth approximately $25.6 million at the current market price of $213 per BCH.
Meanwhile, the increase in the number of long-term holders of Bitcoin Cash indicates a positive outlook for the cryptocurrency’s sustainability. These dedicated investors, who believe in BCH’s long-term potential, contribute to a stable user base and network demand. This support from long-term holders, combined with whale accumulation, could help BCH reach or exceed $300 in the future.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from iStock
